Search
 

$143M Converts Metropolitan Into Condos

CHICAGO-Metropolitan Properties is repositioning two adjacent office structures in the historic Michigan Boulevard District.

By Bonnie Grota | Updated on June 18, 2006

(To read more on the multifamily market, click here. To read more on the debt and equity markets, click here.)

CHICAGO-A-$142 million construction loan has been awarded to Louis D. D’Angelo of Metropolitan Properties of Chicago LLC, for the condominium conversion of the 30-story office building and adjacent eight-story building at 310-318 S. Michigan Ave. The two properties will be converted into 248 condominium units.

The 310 building is known as Metropolitan Tower and was built in 1924. It was designed by the architectural firm of Graham, Anderson, Probst & White. When the repositioning is complete, the tower will offer 242 units and four floor plans with varying finishes and price points.The second building, known as Richelieu Flats, will be developed into a six-unit condominium tower. Plans call for the conservation of the building’s façade and front one-third of the heavy timber building. Floors one and two will be retail, while floors three through seven will be converted to 2,600-sf, three-bedroom, 3.5-bath condominium units. Each of these condominiums will have its own three-car garage. Floors seven and eight will be combined into a single 6,600-sf. unit. Once finished, amenities will include a 24-hour doorman, a fitness center, event room, secure parking, receiving room, indoor bike storage and dry cleaning pick-up service.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.