Wells
Street Tower, which broke ground a few weeks ago at 701 S. Wells, will not be
hard to pick out among other South Loop condo projects. For one thing, it's
the first new highrise underway in Printers Row, a settled enclave of older
loft buildings. For another, at 33 stories, it will tower over the South Loop
as the neighborhood's tallest new building, at least for a while.But perhaps the feature that will most make the building stand out, not just in the South Loop, but in the booming citywide real estate market, is its decidedly modern aesthetic.
"This is definitely a modern building," says David Kleiman, partners with David Crawford in D2 Realty Services, the developer. "The exterior has a lot of glass, and the entire design from start to finish, from the front door in, is modern."
Architects Soloman Cordwell Buenz & Associates designed the structure, shunning the vintage look of most of the city's new highrises. The building has a distinct, angled rooftop and a façade that is primarily glass in a white frame. The design employs a modern aesthetic, which has clear benefits for buyers - and not just from the sidewalk. All that glass means plenty of light and stunning views inside the condos. The design also allows for balconies on all units.
"The edge - or the disadvantage depending on the buyer - is this very modern aesthetic," Kleiman says. "If people are looking for a retro kind of design, they will go to another building."
The modern approach continues inside individual units, where the atmosphere is more loft-like than the typical highrise, a nod to the neighborhood as well as the tastes of today's buyers, Kleiman says. The condos have exposed concrete pillars and nine-foot exposed concrete ceilings as well as hardwood floors.
"Buyers like the loft look," Kleiman says. "It gives it a little more character; this isn't the crown moldings, North Michigan Avenue sort of look."
The rationale behind the loft style of the units at Wells Street Tower came from watching sales at another recent D2 project, Harrison Street Lofts, 80 W. Harrison, which is where sales for Wells Street Tower are being handled (more information at www.d2realty.com). The fastest selling units at that project were the new construction condos built in five floors of new construction, which D2 added above an existing loft building. Buyers, it became clear, wanted loft features but they also wanted brand new construction. Wells Street Tower offers both.
And as at Harrison Street Lofts, the developer is offering a high level of standard finishes, making upgrades unnecessary for most buyers.
"At Wells Street Tower, we're trying to follow the trend we set at Harrison Street lofts," Crawford says. "Our argument was, we have 60 condos, so we're buying 60 granite counters, 60 microwaves, 60 Whirlpools...We bought at such a competitive rate because we did it in volume, and it helped move units."
Crawford admits that D2 foregoes some profit on the markups developers typically attach to upgrades, but he says, the tradeoff in customer satisfaction and swift sales is worth it.
But do customers realize that prices at a D2 project include a higher level of finishes when comparing it with other buildings?
"People are smart," Kleiman says. "Just like at our last project, buyers might say prices are lower at some other development, but when they get done figuring in the upgrades, they know they're not. They realize that we're around $10,000 less for the same thing."
Units at Wells Street Tower include granite counters, Canadian hardwood cabinets, Jacuzzi tubs, hardwood floors, balconies or terraces, gas fireplaces, brushed chrome hardware, oak floors and in-unit washers and dryers. At press time, remaining one-bedroom units were priced from $184,000 and two-bedrooms from $259,500. Three-bedroom condos started in the $370s. Depending on location, parking spots range from around $26,000 to $35,000.
The building will have high-speed Internet access, including free e-mail service for residents, a 24-hour doorman, an on-site dry cleaner, a sun deck, a fully-equipped business center, an exercise facility, bike storage, storage lockers and a library / reading room with a fireplace.
In addition to building and unit amenities, Kleiman says, the location in Printers Row, the South Loop's most settled enclave, has been a big draw.
"We have a lot of buyers from Printers Row, and people who went to look in the South Loop because they heard it was the next hot neighborhood and then realized a lot of the development is pretty far out," Kleiman says. "You can't really walk to work from there. Although most of our buyers have cars, they like that this is an established neighborhood and that you really can walk to work. This (location) is not something that's going to happen 10 years from now."
At press time, about 65 of the 170 units in the development had been sold. D2 broke ground on the project more than a month ago and expects first occupancy in late fall of 2001.