Given the choice between new construction and resale, most buyers prefer new construction. Once those buyers regained confidence in the economy, things really took off.
(PRWEB) March 05, 2014
The Legacy at Millennium Park, a new 72-story high-rise in Chicago’s Loop, has surpassed the 75-percent sold mark amid strong sales activity and a dwindling supply of new-construction condominiums downtown.
Located at 60 E. Monroe Street, overlooking Millennium Park, Lake Michigan and the city skyline, The Legacy at Millennium Park features 356 luxury condominiums in Chicago with available two- and three-bedroom floor plans ranging in size from 1,342 to 2,930 square feet and priced from $620,000 to $2.5 million. Garage parking is available from $45,000 to $70,000 per space.
The Legacy at Millennium Park was one of the best-selling new-construction condominium developments in Chicago in 2013, as more than 65 buyers purchased or closed on homes in the building with a combined value of more than $76 million. James Hanson, principal of Mesa Development, who developed the building in partnership with Walsh Investors, LLC, attributes the strong sales to renewed demand for new construction, which is outpacing the current supply.
“Given the choice between new construction and resale, most buyers prefer new construction. Once those buyers regained confidence in the economy, things really took off. There is an incredibly limited supply of new-construction in downtown Chicago, both today and well into the future. No new buildings will be delivering for a number of years and certainly none with views, finishes, amenities and a location like the Legacy’s,” Hanson said.
“The people who are coming in today are very motivated by low interest rates, low inventory and the steadily improving market,” said George Schultz, vice president of @properties, the exclusive sales and marketing agency for The Legacy at Millennium Park. “Fortunately from an inventory standpoint, sales at the Legacy have been very balanced, so buyers can still choose from a variety of plans, views and price points.”
For example, Skyline Residences in the 01 tier, located on floors 17 through 35, offer panoramic north and east-facing views of Millennium Park and the lake. Homes in this tier feature 1,750 square feet, three bedrooms or two bedrooms plus a den, and 2.5 baths. Prices start at $1.029 million. The plan includes a spacious living/dining area with hardwood floors, floor-to-ceiling windows, and an adjoining private balcony. A gourmet kitchen features granite countertops, designer cabinetry and state-of-the-art appliances by Bosch and Sub-Zero. Master suites have a large walk-in closet and en-suite bath with double vanity, soaking tub and separate shower.
For two-bedroom buyers, the Park Residences 03 tier offers 1,487 square feet of living space with views of Lake Michigan and the park for prices starting under $750,000. This floor plan includes a spacious master suite, ample closet space and a private balcony. Another two-bedroom plan, the 08 tier, features two baths, 1,342 square feet, a balcony, and Lake Michigan and Millennium Park views starting at under $660,000.
There is also a selection of larger condominiums offering over 2,400 square feet of living space, between the 45th and 67th floors.
The Legacy also offers buyers a variety of upscale amenities, including an indoor lap pool with whirlpool spa, a professionally-equipped fitness center, two community rooms with adjoining outdoor sky-garden terraces, and an on-site concierge with valet dry cleaning and package receiving. One of The Legacy’s most unique amenities is a 13th floor sky-bridge connecting the building to the adjacent University Club of Chicago*. Residents who are club members have direct access to all of the clubs programs, services and facilities, including squash courts, hotel rooms and catering services.
Designed by Chicago-based Solomon Cordwell Buenz, The Legacy is surrounded by world-class shopping, restaurants, theater and art, including Millennium Park, Grant Park, The Art Institute of Chicago, Harris Theater and more.
The Legacy sales center is open from 12 p.m. to 5 p.m. daily. For more information, call (312) 252-0060 and visit http://www.TheLegacyAtMillenniumPark.com.
- The University Club is an independent private-membership club with admission governed by its own policies and bylaws.
About Mesa Development LLC
Mesa Development is a Chicago-based, national real estate investment and development firm with a long track record of success in completing urban, mixed-use residential projects. In addition to The Legacy, Mesa and Walsh Investors successfully completed the Heritage at Millennium Park luxury condominium project in Chicago in 2005. For more information, visit http://www.mesadevelopmentllc.com.
About Walsh Investors LLC
Walsh Investors, LLC is the investment arm of the Walsh family, owners of The Walsh Group. The Walsh Group, headquartered in Chicago, is one of North America’s largest general contracting, construction management and design-build firm. Walsh Investors, through direct investment and various partnerships and joint ventures, has developed or invested in office, industrial and residential developments throughout the United States and Canada.
Established in 2000, @properties is the No. 1 independent residential brokerage firm in Illinois and one of the top 25 residential brokers in the U.S. @properties has more than 1,200 licensed brokers in 15 offices throughout downtown Chicago, surrounding suburbs and southwest Michigan. For more information, visit http://www.atproperties.com.