The building, designed by Denver-based Buchanan Yonushewski Group, will have 143 units. Some of the units, starting in size at about 700 sf, will be priced at $150,000.
The project includes two-story townhomes on the ground floor and penthouse units will be priced in the high $300,000s to more than $500,000. Units on average will sell for about $250 per sf, says Marty Paris, president of Sedgwick.
''We can argue all day of $250 per sf is truly a starter home, but the reality is that in today's market, it is,'' Paris tells GlobeSt.com.
Indeed, if the units were on the market today, they would command prices of north of $300 per sf., he tells GlobeSt.com. He notes they are selling them at a 20% discount to today's market. And since they won't be open for another two years or so, when the market is expected to be better, they could be even bigger bargains.
Paris adds that about 50 of the units will be priced below $200,000 and about 110 will be below $300,000.
''This is a very important project,'' says architect Brad Buchanan. ''It's really the first project that is on the cusp between Uptown and Downtown.''
In Chicago neighborhoods such as Lincoln Park and Wrigleyville, many of the buyers have been young, single professional women, a group being known as ''Bridget Jones'' buyers, which takes its name from the movie and book about the free-spirited woman living in London. Many of the buyers at Tower on the Park also could fit that description.
Ali van Westenberger, the Coldwell Banker Residential broker listing the project, says she thinks it represents the best deal in the Downtown area.
''For the last three months, I've analyzed every piece of data that can be analyzed, and I've come to that conclusion,'' she tells GlobeSt.com.
She says there are projects selling for $200 per sf, but those are small, renovations.
''They're miles from our project, and they don't have the tower, the grand architect, the location, or the grand architecture that we have,'' she tells GlobeSt.com.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.