Burnham Park Plaza
saves the best for last

The developers of Burnham Park Plaza believe in saving the best for last. The $53 million condo conversion at 40 E. 9th St. rang in the New Year by opening up 15 luxury units – eight duplex penthouses and seven large combination units – for sale, just as the building approached the 80 percent sold mark.

“We just released our duplex penthouses and combination units, which range from about 2,000 to just under 3,200 square feet,” says sales manager Michael Jacobs. “They’re big, with private rooftop decks, skyline and lake views.”

The penthouses, located on floors 11 through 13, are priced from about $460,000 to $970,000. They feature coved ceilings, elevator service to both floors of the duplexes, some woodburning fireplaces and large, open living areas.

“We’ve opened up the units and redesigned them to give the buyer larger living areas,” says Wayne Chertow, a development partner in the conversion. “We also removed old ceilings to give more height.”

The combination units are priced from about $475,000 to $500,000. They offer equally distinctive spaces, according to Jacobs, who says no two of the building’s 15 most luxurious units are alike.

“They’re really unique, each one is different,” Jacobs says. “This was an old YMCA building before it was converted, and this is the way the spaces worked out. Some have terraces off the living room, exposed brick, high ceilings; there’s some private space on the second floor in all the penthouses. And buyers can finish them to their own liking.”

The developer offers penthouse and combination buyers a cash allowance to spend as they see fit in the on-site design center. The amount of the allowance increases with the square footage of the unit, and buyers can use it to upgrade everything from flooring to fixtures.

The bulk of the remaining condos for sale the 292-unit building, however, are on the affordable end of the spectrum. Studios start at $99,900. One-bedrooms are priced from the $120s to the $200s, and larger one-bedrooms with bonus rooms are in the mid-$200s.

In addition to pricing, quick delivery of units is the other feature that separates Burnham Park Plaza in a crowded market, according to Robbie Frankel, partner in Frankel & Giles Real Estate, exclusive sales and marketing agent for the building.

“Pricing and immediate occupancy are the biggest factors,” Frankel says. “It’s hard to find any units available that you can move right into, especially ones in the $150,000 to $275,000 range. And with a lot of two-bedrooms under $200,000, we really have value.”

The building was operated as a rental for 10 years before WYDOE Development, L.L.C. undertook the $53 million conversion to condominiums in fall of 1999. The original structure was built in 1913 as a YMCA hotel with 2,000 sleeping rooms. It was bought 12 years ago and renovated as luxury rentals.

Condo buyers will have access to the same amenities that drew renters to the 21-story highrise – a 24-hour doorman, a four-level rooftop deck with skyline views and a hot tub, a sauna, a fitness room, a party room and bicycle storage. In addition to standard highrise services such as an on-site dry cleaner and florist, Burnham Park Plaza also boasts a five-screen movie theater.

“Burnham Park Plaza is one of the only full-service condominium buildings in the South Loop,” Frankel says. “It’s a doorman building with a sun deck, 24-hour maintenance, a 24-hour janitor, all of those types of services – and it’s walking distance from the lake.”

A range of upgrades is available, but units are being offered “as is” with new cosmetics, including fresh paint and carpeting, new ceramic tile on kitchen floors, medicine cabinets, mirrors and bathroom lighting. The building lobby is being renovated, with a new color scheme, some new wood flooring, a new canopy and landscaping.
“In addition to fast delivery times and lower mortgage rates available right now, buyers can own a condominium at Burnham Park Plaza for approximately the same price as renting in the South Loop,” Chertow says.