Solid Gold Location by Andra Naylor

Delaware Place offers rare Gold Coast Conversion

The real estate boom of the last decade has been dominated by new construction in Chicago, with few major condo conversions on the market. Much of the building has occurred downtown, but very few projects have come on-line in the exclusive, highly developed Gold Coast.

American Invsco is bucking both trends with Delaware Place on the Park, a new 185-unit condo conversion at 33 W. Delaware, in the heart of Chicago’s toniest neighborhood. The 25-story tower – the first condo conversion in the Gold Coast in three years – already is drawing heavily from the immediate area, according to Sales Director Rosalie Gouletas, of American Invsco.

“Buyers seem to be first-time buyers and people who live in the building or in other apartments in the neighborhood,” Gouletas said. “Others have purchased from American Invsco previously.”

Renters at Delaware Place and in nearby buildings recognize that a new development in the Gold Coast is a rare event, according to Gouletas. No new neighborhood projects came on the market during 2002, and only larger, pricier units were offered during ’01, said Gail Lissner, vice president of Appraisal Research Counselors, Ltd.

That unique market niche propelled a successful tenants program, with 60 of 185 units sold during 45 days. Finding a new development in the Gold Coast is difficult, but finding any unit priced affordably is a challenge. Pricing that starts in the $160s for a studio at Delaware Place on the Park is just the foot in the door many renters have been waiting for, according to Gouletas.

“Our one-bedroom units are a nice way to get into the Gold Coast,” Gouletas said. “The units are less expensive than most new construction.”

Though Gold Coast conversions are rare, American Invsco is no stranger to them. Delaware Place is Invsco’s 100th conversion in more than 30 years of pioneering the field across the U.S. The company’s other Gold Coast credits include Gold Coast Galleria, the Elm at Clark, 1212 N. LaSalle, 1313 Ritchie Court and Two East Oak.

Overlooking a bubbling fountain in the newly revamped Washington Square Park, Delaware Place sits amidst the neighborhood’s eclectic mix of vintage brownstones, highrises, rowhouses and mansions.
Studios at the development start at $160,000, and one-bedroom units are priced from the $220s to around $300,000. Two-bedrooms are priced from the mid $300s, and penthouses range from the mid-$300s to the mid-$400s.

The fact that the 15-year-old building needed very little restoration work allowed Invsco to keep the prices low, according to Gouletas.

“This is the first building we walked into where the common areas were already done,” Gouletas said. The lobbies and hallways were refinished a little more than a year ago and beyond some concrete repair on the façade, little work was needed. This allowed the developer to focus on unit finishes without boosting prices, according to Gouletas.

“We are introducing a wonderful package with beautifully upgraded kitchens,” Gouletas said.
The standard package includes maple or cherry cabinets, granite counters and flooring in kitchens, new stainless steel appliances, new lighting fixtures and new carpet. The condos also have floor-to-ceiling windows and three-angle bays. Upgraded packages are also available, offering extras such as hardwood floors.

“One of the things I really like about the building is that every unit has a balcony, including the studios,” Gouletas said. “Also, all units are set back so there is no obstruction of views. This is unique in the Gold Coast, where you are surrounded by buildings.”

The building also has a large sixth-floor sundeck, fitness center, dry cleaner, tailor, 24-hour doorman and on-site management office. Indoor deeded parking is available starting at $35,000.
“Our second-floor business center is a really unique feature, offering computers, fax machines, a private conference area and restrooms,” Gouletas said. “It’s ideal for someone running a part-time business who wants to meet clients outside of their home.”

But the biggest draw in real estate is always location, and for many Chicagoans, the Gold Coast represents the pinnacle. Located three blocks west of Michigan Avenue, at Delaware and Dearborn, Delaware Place residents are only steps away from world-class restaurants such as Spiaggia and the Signature Room, Rush and Division nightlife, four-star hotels and the upscale boutiques and spas of Oak Street.

“People realize that they are purchasing something that is relatively young,” said Gouletas. “It also keeps coming down to location. The bus line is right outside and the only thing people have to worry about is not spending their whole paycheck on all the wonderful restaurants and shopping right outside.”

And because Delaware Place is a conversion, buyers don’t have to wait an eternity to move into their new condos.

“People enjoy that they can come in, sign the purchase agreement, make selections and move into their home by the end of summer,” Gouletas said.

A sales center and models are located on the 13th floor at Delaware Place on the Park.