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Luxury Condos Rise In Chicago's Gold Coast
By Kelly Sheehan, Online News Editor
MARCH 01, 2007 -- Chicago -- The Prime Group Inc., a Chicago-based real estate developer and operator, is building Ten East Delaware, a luxury condominium building in Chicago's affluent Gold Coast neighborhood.
The 121-unit, $124-million complex broke ground this week and is slated for completion in mid 2009.
Designed by nationally renowned architect Lucien Lagrange of Chicago-based Lucien Lagrange Architects, the 35-story building is located at the northeast corner of Delaware Place and State Street, next to the Talbott Hotel.
Michael Reschke, CEO of The Prime Group, told MHN that the community's connection to the Talbott Hotel will make it stand out from the crowd. Ten East Delaware's ground floor will be connected to the hotel by a corridor, providing condo residents with the hotel's amenities and services while maintaining privacy. Services include 24-hour room service, housekeeping and concierge services.
"Usually, when condominiums are associated with hotels, they are located on the buildings' top floors, and the hotels are part of residents' lives," Reschke noted. "But here, the hotel is a totally separate building. The lobby, which has a stone fireplace, wood-beamed ceilings and marble floors, is for our residents only. It's a little more private this way."
Reschke said that Lucien Lagrange has designed the building with a "little bit of a European and Polynesian flair, circa 1920."
Only five units are located on each floor of Ten East Delaware. One-, two- and three bedroom condos, which include nine- to 10-ft. ceilings, range from 845 to 3,096 square feet and $450,000 to $2.3 million--affordable, Reschke said, compared to other condominium prices in the area.
"We spent almost six months working on the floor plans," he added. "Every inch counts, but we laid them out efficiently so buyers can get the biggest bang for their buck."
The units will feature Poggenpohl cabinetry; granite and marble countertops; Franke, Wolf, Miele and Sub-Zero appliances; brushed-chrome hardware; designer carpeting; gas fireplaces with stone surrounds; oversized balconies; optional wet bars; Kohler soaking tubs; zoned temperature controls; washers and dryers; storage units; wood floors and 6-in. crown moldings. Condominium interiors have been designed by Darcy Bonner Associates, also based in the Windy City.
Residents will have access to The Ten Club, Ten East Delaware’s exclusive rooftop clubhouse and fitness center. Other amenities include a pool and sundeck, also located on the roof. Climate-controlled, indoor parking is available for a fee.
Half of the building’s condos have been sold since sales began six months ago. “Many of our buyers already live in the Gold Coast, but their buildings and residences are becoming outdated and they don’t want to live through a remodel,” said Reschke. “For them, it makes much more financial and emotional sense to purchase at Ten East Delaware, where everything will be brand new but they’ll still be surrounded by all their favorite neighborhood shops and restaurants.”
Reschke said that The Prime Group has also seen a number of buyers coming from single-family homes in the Old Town, Lincoln Park and Lakeview neighborhoods of the city. “These buyers have realized they can enjoy basically the same amount of space but without stairs or the hassles of maintaining a yard,” Reschke added. “And for families with children enrolled at Francis Parker School or the Latin School, moving to Ten East Delaware might even make for an easier commute.”
Ten East Delaware will be located near restaurants, shopping, cultural institutions and the lakefront. It will be two blocks from the Magnificent Mile, one block from the Newberry Library, and four blocks from Oak Street Beach and the Museum of Contemporary Art.
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