After eight years of living in her 4,500-square-foot-plus-basement suburban dream house, Debby Tolsky decided it was time to move to the city.
She and her husband, Howard, raised their three daughters in Buffalo Grove.
“Once my family was grown, there was no need for me to live in the suburbs,” Tolsky said. “The building we’re moving to is in the heart of the city. You can walk everywhere.”
The Tolskys aren’t the only people ready to jump from a house to a condominium. Many members of the Baby Boomer generation are eager to downsize in exchange for the amenities and conveniences of high-rise living, but they want more than a two-bedroom, 1,500-square-foot standard condominium.
For example, empty-nesters from large homes on the North Shore have put deposits on 2,700-square-foot condominiums at 10 E. Delaware Pl., although the building won’t be ready for residents until 2009.
“There’s no substitute for space,” said Michael Reschke, chairman and CEO of The Prime Group Inc., developer of 10 E. Delaware and other properties. “People are looking for places where they can fit their grand pianos in the living room and seat 12 in the dining room, and they are willing to pay for that.”
In the past, people who wanted to live in large condominiums often had no alternative but to buy adjacent units and cobble them together. But in today’s newest high-rise buildings it’s not uncommon to find ready-made units sprawling across 2,400 square feet and more.
For example, units at 340 On the Park, under construction at 340 E. Randolph St., will range from 2,400 to 3,300 square feet.
“In larger units we’ve always done a lot of customization,” said Kerry Dickson, senior vice president of Related Midwest, the building’s developer. “As we designed this building, we tried to define the market and set a new standard for a building of this type.”
Some larger units are being purchased by families. For instance, Pam Dolby, her husband, Lyle Ginsburg, and their blended family that includes four offspring, live in an approximately 4,000-square-foot condominium in The Belvedere, near Pearson Street and North Lake Shore Drive.
This newer building is across the street from the tennis courts and baseball diamonds of Lake Shore Park, and a few blocks from the beach, compensations for the loss of suburban outdoor space.
“The apartment is bigger than the suburban house I used to live in,” Dolby said. “And having a doorman is really nice. It gives me an added sense of security.”
For the most part, larger units are being purchased by empty-nesters who want to make a lifestyle change, said Steve Mandell, a partner at Rush Chestnut LLC, developer of 50 E. Chestnut St.
Buyers of these 3,900-square-foot units no longer want to deal with a house and yard. Although their children have grown, finished college and moved out, they still want space.
People who can afford to buy condominiums that can cost as much as $2.4 million want more than galley kitchens and tile bathrooms.
In their sky-high homes they crave higher ceilings, floor-to-ceiling windows, spectacular views, top-of-the-line appliances, planked hardwood flooring, accessorized closets, Italian cabinetry and private outdoor spaces.
Buildings offer doormen, concierge service, indoor pools, hot tubs, fitness and tennis centers, party rooms and indoor parking, to name just some of the high-end amenities.
The Mandarin Oriental Tower, scheduled for completion in 2009 atop a 250-room hotel at the corner of Lake and Stetson Streets in Chicago, will offer home automation to control lighting, window shades, video and audio equipment. An in-home touch screen will allow communication with all of the building’s services.
Residents “can touch ‘Pull my car around to the front in 15 minutes,’ and it will happen,” said Chris Kenny, CFO of the Mandarin’s developer, Palladian Development.
Besides looking for upgrades and amenities, buyers of large condominiums want space for entertaining. Although their new bedrooms, bathrooms and closets are bigger than those in the average condo, the bulk of the extra expanse is devoted to great rooms.
“They still want to entertain and have open kitchens with wide views,” said Tim Anderson, president of Focus Development in Northfield. “They want the sense of being in their own home like they used to be, but in a maintenance-free lifestyle.”
For the most part, larger condominiums are found in upscale areas.
“You’ll find larger condominium units primarily in neighborhoods like Museum Park or close to the lake,” said Alan Lev, president of Belgravia Group, developer of 600 N. Lake Shore Drive. “They are for the affluent Boomer buyer for whom the price isn’t an issue.”
But downtown Chicago isn’t the only place where Boomers can downsize into an oversized condo.
Focus Development’s soon-to-be-completed 25-story Residences of Sherman Plaza in downtown Evanston will encompass 253 condominiums, lofts, and penthouse residences. Amenities will include 24-hour doorman, a half-acre green roof and a 54,000-square-foot health club.
Also in Evanston, construction of Winthrop Club Condominiums will get under way this summer. This high-rise building will offer excellent views of downtown Chicago and the North Shore, plus amenities such as a swimming pool, exercise room, clubroom and doorman.
The building also will be unique for its status as Evanston’s first LEED-certified building.
LEED (Leadership in Energy and Environmental Design Green Building Rating System), is the nationally accepted benchmark for the design, construction, and operation of high performance green buildings, as determined by the U.S. Green Building Council.
Located at 1567 Maple Ave. in the suburb, Winthrop Club will contain several units bigger than 2,800 square feet. A typical large floor plan might include three bedrooms, 2 1/2 baths, living room, dining room and kitchen, plus library, family room and den.
A windowless bonus room located next to the laundry room might be practical for storage or an office, said Bob Horner, managing member of Winthrop Properties LLC.
Optima Old Orchard Woods Condominiums is another option for people who want to stay in the suburbs. The three-tower community in Skokie, developed by Optima Inc., offers standard 3,100-square-foot units and customized units ranging from 4,200 to 5,000 square feet.
One designed-to-order home includes 2,943 square feet of indoor space as well as a private 7,000-square-foot green roof with multiple patios.
“There’s a resurgence of buyers who moved downtown and now are coming back north to be closer to their families and get a bigger bang for their bucks,” said Andrew Zajac, Optima’s director of sales and marketing.
“Many people were enamored with the thought of moving to downtown Chicago, but when reality set in and they saw the congestion, traffic and problems finding grocery stores, Skokie looked good,” he added.
New high-rises aren’t the only places to find giant condominiums. Vintage buildings constructed along the lakefront in the 1920s often include spacious units, although their original layouts may not be all that well-suited to modern living.
For instance, smaller kitchens located in the backs of these units, often adjacent to one or two small rooms designed for servants, don’t suit the flow of today’s entertaining. Bathrooms usually are not large or luxurious.
As a result, numerous older condominiums, and in some cases whole buildings, have been renovated.
For instance, The Mayfair at 189 E. Lake Shore Drive began life as a hotel. Renovations, completed in 1999, turned the space into 3,000-to-3,300-square-foot condominiums, two per floor.
The Palmolive Building Landmark Residences at 159 E. Walton St., under development by Draper & Kramer, offers full floor units in a gut rehab.
Completed in 1929 and until now an office building, the Palmolive will have vintage features such as tray ceilings, crown moldings and fine stonework, and 21st Century touches such as family rooms, large master bedrooms and kitchens big enough for family meals.
Advantages to living in older properties include fewer units per building, large formal dining rooms, more wall space for art (the upside to the scarcity of floor-to-ceiling windows) and vintage details.
However, because most of the buildings are only 12 to 20 stories high, the views are not as impressive as those from newer buildings, and there may not be on-site parking.
“But in vintage condominiums you get large spaces at lower prices than in new construction,” said Michael Kennelly, a broker at Draper & Kramer.
Vintage also is available in the suburbs. The 2,200-to-4,600-square-foot condominiums at Courthouse Square in downtown Wheaton were carved out of an 1896 public structure, the DuPage County courthouse.
The low-rise building includes residences with two-story living rooms, said Anderson, of Focus Development, the company that renovated the courthouse.
“Large condominiums are a trend,” Anderson said. “At first moving to a condominium was a lifestyle choice for maintenance-free living. Now there are options out there, and programs to choose from. People want something that relates to their lifestyle as it used to be in their homes.”
