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Gaining
converts
by Dan Schuyler |
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“If the Chicago
real estate market were to fall out of bed tomorrow, Ontario Place wouldn’t
feel a thing,” Sveda says. “The character and quality of the
building and the location are virtually unmatchable.” The marketplace seems
to echo Sveda’s confidence. He and his sales staff already have sold
more than 300 of the development’s 467 residences since opening in
March, with a mass closing scheduled for late summer 2005. What’s the draw? To quote a real estate
cliché, location, location and location probably top the list.
Located on the block bounded by Erie, Ontario, State and Wabash, Ontario
Place is steps from Mag Mile shopping and sits in the heart of River North’s
dining, entertainment and art galleries. As a rental building
constructed 15 years ago, the highrise has attracted tenants who like
living a short walk from Michigan Avenue, a block from Whole Foods, a
block from the nearest Starbucks – and just slightly more than a
block from the next nearest Starbucks. Yep, it’s that kind of neighborhood.
River North is famous for its restaurants, which are too numerous to list
here, but some of the closest include the Chicago Chop House, P.F. Chang’s,
Frontera Grill, Spago and Smith & Wollensky. And overlooking it
all is the 51-story glass and steel Ontario Place, which was designed,
according to Sveda, to maximize views and comfort – both indoors
and out. “There are a
number of outstanding features in the residences,” says Sveda. “They
all have a flow to them, with floor-to-ceiling windows and spacious baths.
And the large balcony is almost like another room.”
The condominiums are
housed on floors eight through 51, with the larger units on the upper
11 floors. The unit mix includes 186 convertibles and 186 standard one-bedrooms,
44 deluxe one-bedrooms, 44 two-bedroom two-bath units, and a small number
of three-bedroom three-bath units. The spaces range from 755 square feet
for a convertible to three-bedrooms of 2,300 square feet. Unit features include
carpeting throughout, ceramic tiled baths and kitchens with European cabinetry.
The balconies, as Sveda emphasizes, measure 150 square feet. Unlike many
downtown highrises, where the balconies are treated as addenda, at Ontario
Place they are a focal point, large enough to make the most of Chicago
summers and the building’s stunning skyline views. A majority of the
units have been refurbished within the past three years, and their buyers
have a choice of specified discounts or upgrade packages. Buyers of units
that have not been refurbished have the same choices plus some additional
upgrades. The scale of Ontario
Place means a higher level of amenities because their costs are being
shared by more users. The building has 24-hour door staff; a White Hen
and a Chili’s; laundry and dry cleaning facilities; bicycle storage;
a business center; a health club with saunas, Jacuzzis and state-of-the-art
exercise equipment; and an outdoor pool and sundeck. Prices for the condos
(before discounts and upgrades) start at $250,000 for convertibles, $330,000
for standard one-bedrooms, $410,000 for deluxe one-bedrooms and $550,000
for two-bedrooms. Storage cages are available for purchase, and deeded
parking spaces start at $41,000. Units will be delivered
to buyers as current leases expire, with some time allowance added on
for upgrades and build outs. For those buyers who are purchasing for investment
or as a second home, Invsco offers a two-year management agreement at
no extra cost. “The big balconies,
the four-way views, the spaciousness of the units, the immaculate condition
of the building, and the slam dunk location make Ontario Place easy to
sell,” says Sveda. The Ontario Place
sales center, www.OntarioPlaceCondos.com,
is located in the building, at 10 E. Ontario. |
The
lightning pace of sales at Ontario Place, the new River North conversion
by developer American Invsco, certainly has something to do with the hot
market for new homes in downtown Chicago. But, as project manager Ted
Sveda points out, a builder doesn’t sell hundreds of units in less
than two months simply because of a brisk market. In fact, Sveda says,
this building in this location would be a winner no matter what.
Residents
enter the building at 10 E. Ontario through an elegant two-story lobby
with its own off-street drive and a wide sheltering alcove outside the
grand entrance. Inside, the open space is decorated in brass and marble
with a chandelier and five residential elevators. Floors one through seven
contain retail and commercial space, accessible from 1 E. Erie, as well
as a 500-spot parking garage.