$200M Condo Tower Set To Rise

CHICAGO-Leopardo Construction has been selected as general contractor for the $200-million Park Michigan, an 80-story condominium tower that will be built on a less-than-8,000-sf footprint at 830 S. Michigan. The developer is 830 S. Michigan LLC, as represented by Warren Barr with Renaissant Development Group. Pappageorge/Haymes is the architect of the 900,000-sf tower, which Leopardo President Richard Mattioda says will be one of the 10 tallest buildings in the city, as well as the tallest property in the Loop south of Van Buren Avenue.

"This tower on Michigan Avenue will balance out the Loop, considering the large condo developments going up on the north side of Downtown," Mattioda tells GlobeSt.com in an exclusive interview. "To us, it's a great property and location, and it will be the most prominent project because of its size." He says the property will be predominantly condo, with about 376 units, as well as 35,000 sf of retail, including a grocery store, a spa and a 9,000-sf restaurant.

The small footprint is one unusual aspect of the building, Mattioda says. "It's a little under 8,000 sf, that's pretty small considering we're going 855 feet in the air. It's going to require some very delicate logistics building in an area that fronts both Wabash and Michigan avenues." The building is set back on Wabash, behind the 19th century YWCA building on Michigan.

Construction on the building will begin in late 2007 for delivery in 2010. Mattioda says the expense planning was difficult for a three-year building project, considering the shakiness of the economy and building material prices. "Because of the time frame, we're budgeting from preliminary documents. I think we're going to have to deal with potential price escalation, and procure major materials as early into the process so we can get a lock."

The 376 units will consist of one- to four-bedroom condos ranging from 700 sf to 3,000 sf. Lower levels will be comprised of six units each narrowing to two units per floor at the top. Additional amenities include landscaped decks, green roofs, indoor and outdoor pools, fitness center, 470-plus condo parking spaces and an illuminated crown to serve as a beacon for the South Loop skyline.

Renaissant is also the developer of condo projects such as the 253-unit Vision on State and 1000. S. Michigan Ave., as well as Park Lafayette, a $115-million project on Milwaukee's East Side. Leopardo recently completed Lakeside Tower, a 20-story, 143-unit condominium totaling 243,000 sf in Chicago's South Loop, and is 45% complete with Vision on State. Leopardo is also in the preconstruction phase of a 525,000-sf hotel waterpark resort in Hoffman Estates.