A shooting that left two people dead and wounded five hasn’t dented demand for luxury condos across the street.
One Chicago’s first five condos ranged from $2.3 million to $6.1 million, an average of $1,366 per square foot, and prices may rise as more units are delivered, developer JDL told Crain’s. That average is the highest of three condo developments now in development, which include the St. Regis and Tribune Tower.
One Chicago is across the street from a McDonald’s where the violence erupted last month. JDL says it isn’t worried about the potential fallout.
“It was isolated to their location and didn’t impact our building,” said JDL Principal Jim Letchinger. “We’re obviously disappointed, and we’ve been diligent [in working with the Chicago Police Department.] It’s on every street. It’s a city issue. It’s an every-city issue.”
St. Regis is averaging about $1,034 a square foot, according to Crain’s. While there’s less recent data on prices at Tribune Tower, an agent for the tower previously said prices were averaging $1,050 a square foot.
Buyers who are receiving their units now have probably had them under contract for months, long before the shooting across the street, although they could still cancel. Four closed on May 31 and another 17 are marked as pending sales on real estate sites.
The most expensive units, a $28 million two-story penthouse and several $10 million ones that cover a full floor of the building, don’t have buyers.
One Chicago has 77 condos on the top 30 floors of the 75-story building. The rest of the development is dedicated to 735 apartments and retail space that includes a Whole Foods, a Lifetime Fitness and a Philz Coffee. One Chicago includes two towers, the 75-story one with the condos, retail and apartments, and another 49-story tower with apartments.
Apartments in the main tower are 40 percent leased, while those in the secondary tower are 90 percent leased, according to the developer. Studios start at $3,255, according to One Chicago’s website.
[Crain’s] — Miranda Davis