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| Buyer's Information Reservation Sheet |
Developer: Gammonley Group
Timelines: Late 2008
Investor Stipulations:
Amount To Be Invested:
$10,000 to reserve a unit and 10% due after attorney review.
Building Info:
In a market already besotted by upper-end condo properties, Ritz-Carlton Hotel Co. L.L.C. and Prism Development Co. are teaming up to
develop a 40-story, 360,000-square-foot condo property whose 86 units will start at $1.5 million. The building, which will rise in the heart of
the North Michigan Avenue shopping district, will feature one-bedrooms of about 1,370 square feet to penthouses in excess of 5,700 square
feet, and will also include parking for 177 cars and 21,700 square feet of retail space.
"A number of things will distinguish this project, foremost of which is the Ritz-Carlton name," Bruce Schultz, a principal at Prism, told CPN
this afternoon. "Many of our potential buyers already have other Ritz-Carlton homes in cities around the world, and they know that it means
that there won't be anything else like it in Chicago in terms of luxury."
Among other high-end features, the property (rendering pictured) will sport a full-floor private club with a grand salon, private dining room,
billiard room and wine cellar, screening room and spa. There will also be a concierge staff of 12, provided by Ritz-Carlton, on duty at all
times to serve the residents.
Groundbreaking is slated for fall of this year, with expected completion in late 2008. According to Schultz, all of the project's equity funding is
in place, and Prism is currently shopping for construction loans. "Interest in the brokerage community is very high," he said, "and we expect
to have some contracts very soon."
The Ritz-Carlton Hotel Co. opened its first residence in 2000, and has expanded the brand consistently since then. It has 11 residencies in
the United States, and one each in Canada, the Caribbean and Germany
Ritz-Carlton name and a Michigan Avenue address.
Chicago's Prism Development Co. said it will build a 40-story residential building at 664 N. Michigan, the former site of the Terra
Museum of American Art. It will compete in a market segment dominated by flashy buildings, such as the Donald Trump project
at Wabash and the Chicago River and a proposed 2,000-foot design near Navy Pier.
Prism's management agreement is with Ritz-Carlton Hotel Co. LLC. But the building won't be a hotel. It will offer 86 residential
condominiums starting at $1.25 million.
Ritz-Carlton will have a long-term contract to offer occupants such perks as concierge and butler services. The building will
include a club and exercise room only for residents.
Construction is due to start this fall and be done in 2008. Bruce Schultz, a principal at Prism, said no rezoning of the site is
needed.
Part of the site includes a city landmark, the Farwell Building. Schultz said the building will be incorporated into the design,
hosting retail space, parking floors and the private club.
The design is by Lucien Lagrange Architects and is meant to invoke an aura of the 1930s. Lagrange has specialized in that type
of work on the Near North Side.
The project is small in scale, but high in risk. Rising interest rates have hurt demand for expensive housing downtown. But
Schultz said the grandest units -- 8,000 square feet and more -- have been the hardest to sell. His building will have smaller
homes, ranging from 1,370 to 5,700 square feet, he said.
"It will have a boutique appeal. Trump's building is larger and it basically is a name-branded condo, but without the services we
will offer," Schultz said.
Daniel Miranda, president of HSA Commercial Real Estate and a Near North Side resident, agreed that the building's small size
works in its favor. But he said such a high-end property could be a difficult sell right on Michigan Avenue, where congestion and
noise irritate condo dwellers.
Ritz-Carlton said it has managed residences since 2000 and currently has such deals in 14 locations worldwide, all in major
cities or resort destinations. The company also manages 59 hotels.
Schultz said Prism has a contract to buy the property from the Terra Foundation, which operated the museum until 2004. The
foundation will have offices in the development, he said.
The project has a $150 million budget, and some financing needs to be lined up, Schultz said. Its name aspires to an exalted
stature: the Ritz-Carlton Residences, Chicago, Magnificent Mile.
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Please fill out the information below and someone will contact with more
details on pricing and availability.
All of our clients are being exclusively represented by our
preferred Realtors.
NO REALTORS OR CLIENTS WITH REALTORS PLEASE.
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