They don’t get much bigger than this.
“Randolph Place is the largest residential rehab now under way in the country, maybe the world,” says Michael Lerner, president of MCZ Development Corp.
His new project is the conversion of a 1-million-square-foot office building near the Loop into 270 condominiums and 285 hotel rooms.
Towering over the west bank of the Chicago River between Randolph and Lake Streets, the massive brick structure was known as One North Western Center when it housed the offices of the Chicago & North Western Railroad.
Designed by architect and planner Daniel Burnham in 1912, the 15-story concrete structure originally was built as a warehouse in 1922.
Now condominiums, priced from $119,800 to $449,800, will fill the space. Most will have one or two bedrooms with from 831 to 1,924 square feet. Eight floor plans will be available. Thirty penthouses also are planned, as well as living units in the rooftop tower.
Now open are three decorated models in the 6,000-square-foot sales center on the eighth floor. The best views from the almost floor-to-ceiling windows are looking east to the river, the Merchandise Mart and the city’s skyline.
Lerner said the first units will be delivered in April.
“These will be fancy lofts, more like traditional apartments, but with open floor plans–10 1/2-foot ceilings, oak flooring and balconies.”
On the ground floor will be 25,000 square feet of retail, including restaurants and convenience businesses. Parking for 400 cars will be in the basement and on floors two, three and four.
A Marriott-operated hotel will occupy one-third of the total space.
