Buyers At Legacy At Millennium Park Find What's Missing In Today's Luxury Condominiums In Chicago: Choices
Jan 29th, 2013
Variety of plans, views and prices is a welcome oasis amid a landscape of diminishing options for new-construction luxury condominiums in Chicago.
Chicago’s downtown condominium market came roaring back in 2012 with unit sales increasing by 28 percent and total dollar volume up 33 percent over 2011, according to Midwest Real Estate Data, LLC. The rebound is welcome news for sellers. But diminishing inventory has also frustrated many condo buyers who are finding their choices increasingly limited.
New-construction inventory is particularly tight. Appraisal Research Counselors’ Downtown Chicago Residential Benchmark Report showed only 513 new-construction condominiums and townhomes actively being marketed in the third quarter of 2012, down from a peak of 6,817 in the first quarter of 2008.
However, at The Legacy at Millennium Park, a 72-story luxury high-rise at 60 East Monroe Street, buyers still have the opportunity to choose from a wide variety of floor plans, views and prices. The development, which overlooks Millennium Park, Lake Michigan and downtown Chicago, features:
- One-bedroom floor plans with 875 square feet, starting at $395,000
- One-bedroom-plus den plans with 975 to 1,189 square feet, starting at $425,000
- Two-bedroom floor plans with 1,376 to 1,596 square feet, priced from $620,000
- Three-bedroom floor plans with 1,750 to 2,405 square feet, starting at $1.029 million
- And penthouses from 4,378 to 9.300 square feet, priced from $3.6 million
Garage parking is priced from $45,000 and many floor plans are available with two parking spaces.
“Finding the home you want has a lot to do with timing, and for today’s buyers at The Legacy, their timing is impeccable. In addition to market conditions that make this an ideal time to buy, we also offer a really balanced mix of inventory in terms of view, layout and price,” said James Hanson, principal of Mesa Development LLC, which is developing the Legacy in partnership with Walsh Investors LLC.
“We have inked over $25 million in new contracts since last summer, with much of it in the million-plus range,” Hanson added. “Buyer confidence has returned.”
Luxury condominiums in Chicago at The Legacy feature large living areas and bedrooms, high ceilings and floor-to-ceiling windows. Upscale finishes include hardwood floors, granite countertops, marble-tiled baths, Snaidero, Wood-Mode or Brookhaven cabinetry, and Sub-Zero, Wolf and Miele appliances, per plan.
The Legacy also has a variety of amenities, including a heated indoor lap pool, whirlpool spa, two community rooms with adjoining outdoor sky gardens, a professionally equipped fitness center, 24-hour doorman, and valet dry cleaning and package receiving.
A sky bridge connects the Legacy to the neighboring University Club of Chicago* giving residents who are club members direct access to all of the club’s facilities, programs and services. Residents who are not members can still enjoy certain club privileges, such as hotel rooms for guests, access to catering services and the club’s tournament-quality squash courts.
Situated in the heart of Chicago’s cultural mile along Michigan Avenue, The Legacy is surrounded by world-renowned shopping, dining, theater, art and recreational opportunities. The building’s award-winning design by Chicago-based Solomon Cordwell Buenz has been recognized for its contemporary architecture and innovative planning, which involved the preservation of three landmark building facades along Wabash Avenue.
The Legacy sales center is located at 60 East Monroe Street and is open from 12 p.m. to 5 p.m. daily. @properties is the exclusive sales and marketing agency for the development. For more information, call (312) 252-0060 and visit http://www.TheLegacyAtMillenniumPark.com.
- The University Club is an independent private-membership club with admission governed by its own policies and bylaws.
About Mesa Development LLC
Mesa Development is a Chicago-based, national real estate investment and development firm with a long track record of success in completing urban, mixed-use residential projects. In addition to The Legacy, Mesa and Walsh Investors successfully completed the Heritage at Millennium Park luxury condominiums in Chicago in 2005. For more information, visit http://www.mesadevelopmentllc.com.
About Walsh Investors LLC
Walsh Investors, LLC is the investment arm of the Walsh family, owners of The Walsh Group. The Walsh Group, headquartered in Chicago, is one of North America’s largest general contracting, construction management and design-build firm. Walsh Investors, through direct investment and various partnerships and joint ventures, has developed or invested in office, industrial and residential developments throughout the United States and Canada.
Established in 2000, @properties is the No. 1 residential brokerage firm in the city of Chicago and the city’s leading firm for the sales and marketing of new-construction and condominium conversion developments. @properties has offices in River North, Streeterville, Lincoln Park, Bucktown, Lakeview, Evanston, Winnetka, Highland Park and Lake Forest. For more information, visit http://www.atproperties.com.
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