(Read more on the multifamily market.)

CHICAGO-Schatz Development, based here, is topping off its 41-story condominium tower at 600 N. Fairbanks. The $140-million project has 227 condominium units, ranging from one-bedroom units to four-bedroom penthouses. Schatz received a $93-million construction loan in 2006 from Fremont Investment & Loan for the property.

The average size of the units is about 1,200 sf, says Noah Schatz, CEO of Schatz Development. The initial sales prices for the units range from about $350,000 to about $2.1 million. The units are 94% sold with only 12 units remaining. Available condominiums range from 926-sf one-bedroom units starting at $437,000 to duplex penthouses at more than $1.58 million. First occupancies are expected to occur this November, Schatz says.

Although there has been a slowdown in the sale of condos and some claim the Chicago market is currently saturated, the sales of units at 600 N. Fairbanks seems to buck that trend. “Many of our sales were before there was any sort of a slowdown, but we have still maintained good sales,” Schatz says. He says the reason for the strong sales is tied to the architecture of the building. The 452,000-sf building was designed by Murphy/Jahn, based here. “With Helmut Jahn as the architect we have been able to develop a very strong niche for ourselves,” Schatz says.

Developing a condominium tower in Chicago’s Streeterville community made sense for the company, which has been based in Streeterville since 1948, Schatz says. “We really like the neighborhood [and] we are very well versed in the neighborhood,” he says. Schatz began selling the condominium units in October 2005. “The [condominium] market was and, to a certain degree, is still very strong.”

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