Russland Capital Group Inc. had a $58 million first mortgage from Fremont Investment as well as $6.5 million of its own equity in the $71 million project. Pre-sales for the 29-story Michigan Avenue Tower were not a problem, as 83% of the units have been claimed, according to Appraisal Research Counselors. The eight sales in the second quarter 2003 averaged nearly $400,000, according to the firm's most recent Residential Benchmark Report.
The 83% pre-sale rivals Museum Park Tower II at 1345 S. Indiana Ave., where 87% of the units have been claimed. However, that project got under way more than a year before Michigan Avenue Tower. All one-bedroom units have sold out. Two- and three-bedroom asking prices range from $338,800 to $698,800, and four penthouses in the 3,000-sf range are available at $1.5 million each.
Michigan Avenue Tower is being built on the northern edge of the massive $75 million Central Station development. It is being designed by Papageorge/Haymes Ltd. Walsh Construction is serving as general contractor. The firm of Frankel & Giles is marketing the units.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
