River City Condos, 800 S. Wells Street, Chicago, IL
CHICAGO, IL—The River City Condo Association agreed to a bulk sale of all 449 residential units at 800 S. Wells Street to a newly formed joint venture among The Wolcott Group, Marc Realty, Ruttenberg Gordon Investments and funds managed by Elliott Management Corporation. The transaction makes River City the largest condominium deconversion in Chicago history.
The new owner plans to transform the building with a full redesign and renovation of the lobby, common areas, residential units, and the retail components of the property.
“River City is an iconic building from visionary architect Bertrand Goldberg that offers residents a unique combination of city and river views,” says Ari Golson, principal with The Wolcott Group. “We look forward to updating and modernizing the building while respecting the architect's original vision for a live, work, and play environment. We will also be updating residential units to meet today's renter preferences and adding amenities for the South Loop community, such as a warm and welcoming lobby, brand new fitness center, and multiple co-working and gathering spaces”.
The group also plans significant renovations for the office and retail spaces within the property.
“With more than 250,000 square feet of office and retail, this is an incredible opportunity to maximize the space to create experiences and daily conveniences for both the renters and South Loop community,” says David Ruttenberg, managing partner, Ruttenberg Gordon Investments. “We look forward to renovating this space to fit today's office and retail landscape with a heavy emphasis on building community.”
Renovations will begin in early 2019, and River City Apartments will begin welcoming new residents in March. In addition, many former River City condo owners are choosing to stay in their unit or move to a newly renovated unit at River City Apartments.
“We are excited to see what the new owners have in mind for River City. We love the location and uniqueness of this building, it has so much potential” says Lisa Hernandez, a current River City resident. “We're looking forward to seeing our amenities like the lobby and River Road restored and modernized.”
River City Apartments will feature a lobby with multiple lounges and co-working spaces, a party room, an acre of outdoor space with lush landscaping, outdoor grilling stations, bocce ball, shuffleboard courts and a convenient dog run. Units range from studios to four-bedroom penthouses. Apartment rental rates have yet to be announced.
Apartments are being designed by Devon Grace Interiors, and Luxury Living Chicago Realty is the exclusive marketing and leasing brokerage. River City Apartments will begin leasing in early February.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
