Millennium Lofts, a renovation of the 95-year-old LaLance and Grossjean Manufacturing Co. building at 1900 S. Clark St., has most of the makings of every other loft project taking over the city these days–heavy timber beamed ceilings, oak hardwood floors, exposed brick walls and track lighting.
But it has one distinctive difference. These one-, two- and three-bedroom units are not for sale. They are for rent.
In a seven-year span that has seen only one new rental high-rise proposed near the city’s core, Millennium Lofts provides an alternative to a mortgage for those unwilling or unable to buy one of the hundreds of other loft condos currently on the market.
But the rents may seem about as onerous as a mortgage, ranging from $1,095 to $2,300 per month. The units range in size from 960 to 1,900 square feet.
“The amenity package and fabulous city views offered at Millennium Lofts are normally associated with only for-sale luxury buildings,” said Sue Gin, president of New Management Ltd., owner and manager of the property. “Renters are going to love what’s available. It is so hard to find brand new rental lofts in the Loop.”
Every unit in the project contains a fireplace, washer and dryer, custom-designed kitchen, insulated windows and private parking. Two-bedroom/den penthouses are available with private rooftop spaces. Some units also have balconies.
The project is being developed by the 1900 South Clark Partnership LLC, with architectural design by Phillip Kupritz & Assoc. The six-story building features 19 floor plans, including duplexes. First occupancies are expected in May. Call 312-674-1590 for more information.
Bristol on the coast
Golub & Co. has announced plans to build The Bristol, a 41-story high-rise condominium tower at 57 E. Delaware Pl. on Chicago’s Gold Coast. Designed by Solomon Cordwell Buenz & Associates, the 189-unit building will offer residences priced from about $240,000 to $1.3 million, for penthouse suites.
Units will range from 1,045 square feet for one-bedroom, 1 1/2-bath plans to 3,515 square feet for four-bedroom, 4 1/2-bath penthouses. No more than six residences per floor are planned.
The project is being developed in a joint venture between affiliates of Golub & Co. and AEW Capital Management. Golub & Co. is handling sales. A sales office will open in May on the 40th Floor of the John Hancock Center.
The building opening is set for the fall of 1999. Call 312-255-9157 for more information.
South Loop action
Two Chicago-based real estate developers have acquired four separate properties totaling 110,000 square feet on the northeast corner of Roosevelt Road and Wabash Avenue and plan separate redevelopment projects for the site.
Benj. E. Sherman & Sons Auction Services Group, which conducted the sale, said the combined price was $3.2 million.
Centrum Properties purchased a two-story building at 1157 S. Wabash and an adjacent parking lot. Among many other uses for the property was the former Trailways Bus garage. Centrum plans to demolish the structure and build a new retail project for a national chain.
The Lyonhart Group purchased an eight-story office/warehouse building and an adjacent single-story building that is slated for residential loft conversion.
“This highly visible cluster of buildings is in a vibrant redevelopment area just south of the central business district, west of upscale Central Station and in the midst of a wave of loft conversions and retail development,” said Robert Roggeveen, president of the Auction Services Group.
“The interest generated and subsequent bids that were submitted is indicative of the explosion of activity over the past 18 months in the South Loop,” he said.
Major Opus
Opus North Corp. has purchased 31.5 acres at the southeast corner of Illinois Highway 60 and Interstate Highway 94 in Lake Forest, with plans to develop two office buildings totaling 340,000 square feet on the site.
The first building of 170,000 feet will break ground this summer, with occupancy scheduled for the summer of 1999. Opus anticipates luring a company that is either expanding or relocating to Lake County to take space in the project.
Panning out
PanCor Construction & Development has broken ground for a four-story, 80,000-square-foot speculative office building at Randall Point Executive Center, a 22-acre office park being developed by PanCor at Randall Road and Interstate Highway 90 in Elgin.
The brick-and-reflective-glass structure was designed by Harris Architects of Palatine. The project will be leased by CB Commercial Real Estate Group.
The new office building, scheduled for completion during the fourth quarter of this year, will be across the street from a 187-room Sheraton Four Points Hotel currently under development by a joint venture between ITT Sheraton and PanCor.
Deal of the week
Klaff Realty LP has purchased the 173,000-square-foot office building at 701 Lee St. in downtown Des Plaines with plans to renovate the building’s mechanical systems, first-floor lobby and common areas. The building is currently 50 percent leased.
The transaction, structured by Scribcor Inc., included a 300-car parking lease on the adjacent property and an additional two acres of land.
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Chicago Tribune real estate editor Steve Kerch and Stock Market Observer anchor Steve Ruxton review realty news and answer your questions on housing and other topics on The Real Estate Show every Friday from 9:40 to 10 a.m. on Channel 26-WCIU.
