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CHICAGO-While one 20-story condominium building has been finished by Leopardo Construction, the firm is topping off another 20-story condominium tower less than a mile away. The two projects in the South Loop have a total of 397 residential units and 644,000 sf.
Lakeside Tower, 1600 S. Indiana Ave., has 144 units ranging in size from 683 sf to 1,630 sf. The tower was developed by a joint venture of Central Station and New West Realty. The cost for constructing the building was about $30 million and the units sold out before construction was completed, says William Lowden, project executive with Leopardo.
The condominium's tower's building orientation was rotated 45 degrees to provide more views of the lake. "It literally allowed about 3/4 to have a really nice view of the lake," Lowden says. The street level has about 4,300 sf of retail, some of which is already open, he says. The tower was designed by Hartshorne Plunkard Architecture with Leopardo as the construction manager. New West Realty did not return a phone call seeking comment.
Vision on State, at 1255 S. State St., will have 253 units ranging in size from 610 sf to 1,600 sf. The tower, which is being developed by Renaissant Development Group, is expected to be complete by July. The cost for constructing the tower is about $48 million, Lowden says. The entire project cost for Vision on State is expected to be about $70 million, says James Carroll, chief financial officer for Renaissant.
About 83% of the condominium units are currently sold with the market value ranging from about $220,000 to about $360,000, the company says. The entire building will have wireless Internet capabilities, Carroll says. The wireless Internet "is a selling feature we were looking at. We think all of the buildings in the future will be going in that direction," he says.
The street level of the tower will have 14,000 sf of retail space, which is separately owned, Carroll says. Joseph DiCosola did not return a phone call seeking comment on the retail space. The building was designed by Papageorge/Haymes Ltd. with Leopardo serving as the general contractor.
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