BUILDING SOARS TO NEW HEIGHT
[CHICAGO, IL]
By Anne Martin
The developer of the Chicago Spire is reaching for new heights, both in terms of how high the building will rise and in condo prices.
If it is completed, the $1.5 billion building would be distinguished by its height, 2,000 feet, and by unprecedented prices in the Chicago real estate market that the developer is saying some units will command.
Garrett Kelleher, chief executive officer of Shelbourne Development, Ltd., recently announced that unit prices would reach as much as $40 million or about $4,000 a square foot for the two-floor penthouse.
Most of the 1,193 units in the 150-story spire wouild be priced from about $750,000 to $10 million.
The penthouse price, according to the development company, would be warranted by its unique assets which would include 10,923 square feet on one of the highest condo floors in the world, a 360-degree view, a building designed by famed architect Santiago Calatrava with and a private elevator from the building's base to their floor.
The $40 million price, however, is in a different league from the $750 to $1,100 a square that most luxury condominiums currently command in Chicago.
At the Mandarin Oriental Tower Chicago, prices for a residential condominium go as high as $892 a square foot. At the Waterview Tower and Shangri La Hotel, residential condominiums are tagged as high as $1,000 a square foot.
To date, the highest sale price recorded in the multiple listing service is $8.27 million. It was paid last November for a 10,950-square-foot penthouse at 800 N. Michigan Ave.
The launch of sales at the Chicago Spire were delayed recently to Jan. 13. The developer cited the complexity of the documents that must be filed with federal regulators.
Kelleher has said he will not seek financing until he has the appropriate amount of preconstruction sales. Before he would close on a loan for perhaps 70 percent of the cost, he would have to spend about $500 million on construction.
Chicago Condos
By Anne Martin
The developer of the Chicago Spire is reaching for new heights, both in terms of how high the building will rise and in condo prices.
If it is completed, the $1.5 billion building would be distinguished by its height, 2,000 feet, and by unprecedented prices in the Chicago real estate market that the developer is saying some units will command.
Garrett Kelleher, chief executive officer of Shelbourne Development, Ltd., recently announced that unit prices would reach as much as $40 million or about $4,000 a square foot for the two-floor penthouse.
Most of the 1,193 units in the 150-story spire wouild be priced from about $750,000 to $10 million.
The penthouse price, according to the development company, would be warranted by its unique assets which would include 10,923 square feet on one of the highest condo floors in the world, a 360-degree view, a building designed by famed architect Santiago Calatrava with and a private elevator from the building's base to their floor.
The $40 million price, however, is in a different league from the $750 to $1,100 a square that most luxury condominiums currently command in Chicago.
At the Mandarin Oriental Tower Chicago, prices for a residential condominium go as high as $892 a square foot. At the Waterview Tower and Shangri La Hotel, residential condominiums are tagged as high as $1,000 a square foot.
To date, the highest sale price recorded in the multiple listing service is $8.27 million. It was paid last November for a 10,950-square-foot penthouse at 800 N. Michigan Ave.
The launch of sales at the Chicago Spire were delayed recently to Jan. 13. The developer cited the complexity of the documents that must be filed with federal regulators.
Kelleher has said he will not seek financing until he has the appropriate amount of preconstruction sales. Before he would close on a loan for perhaps 70 percent of the cost, he would have to spend about $500 million on construction.
Chicago Condos
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