Convexity Properties Breaks Ground on Gold Coast’s First New Condo High-Rise in Seven Years

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Groundbreaking ceremony marks the start of construction for 4 East Elm, a new high rise with 35 luxury condominiums

Pierre Cowart, Rick Mattioda, David Gutierrez, Jeremy Kerman, Alderman Robert Fioretti, David Nelson, Deputy Mayor Steven Koch, Donald R. Wilson, Thaddeus Wong, Gary Kohn, Chris Oakley, David Grout

As the first new condominium building in the Gold Coast in almost a decade, 4 East Elm is a big milestone for both the neighborhood and the downtown condominium market.

Chicago-based Convexity Properties recently held the groundbreaking for 4 East Elm, the first new condominium high-rise to begin construction on Chicago’s North Side in five years and the first in the Gold Coast since 2007. The development offers 35 half- and full-floor condominiums ranging in price from $2.2 million to $7.2 million. Sales began this summer.

The groundbreaking ceremony included Donald R. Wilson, chairman of Convexity Properties and DRW Holdings; Chicago Deputy Mayor Steven Koch; and 2nd Ward Alderman Robert Fioretti. Also on hand were representatives from @properties, which is conducting sales for 4 East Elm; general contractor Leopardo Construction; project architect Solomon Cordwell Buenz; interior design firm Gary Lee Partners; and construction manager Daccord LLC, all based in Chicago.

“As the first new condominium building in the Gold Coast in almost a decade, 4 East Elm is a big milestone for both the neighborhood and the downtown condominium market,” said Wilson. “We’ve had an incredible response from homebuyers, and we’re thrilled to get construction underway.”

The 27-story building at the northeast corner of State and Elm streets will feature three-bedroom, 3.5-bath floor plans ranging from just under 3,100 square feet to 3,515 square feet. Plans can also be combined, allowing for full-floor residences with more than 6,600 square feet of living space.

All residences at 4 East Elm will feature private elevator access; 10-foot finished ceiling heights; floor-to-ceiling windows; wide-plank flooring in living areas; Florense cabinetry; Sub-Zero, Wolf and Miele appliances; and quartz or natural stone countertops. Homebuyers will have the opportunity to work with Gary Lee Partners on interior selections and with Premiere Systems to customize audio, video, lighting and smart-home systems.

Homeowners will also have access to a variety of amenities, including a landscaped sundeck; outdoor pool and spa; clubhouse lounge with a full kitchen and flat-screen TV; movie screening room; fitness center; 24-hour doorman and private garage parking.

“There has been huge pent up demand for new-construction in the high-end market. 4 East Elm raises the bar for luxury condominiums in the city and addresses the needs and tastes of upscale buyers who are looking for something both contemporary and refined,” said Thaddeus Wong, co-founder of @properties.

4 East Elm is scheduled to be completed in early 2016. For more information on 4 East Elm, visit http://www.4EastElm.com or call 312-542-1144.

About Convexity Properties
Chicago-based Convexity Properties is an affiliate of DRW Real Estate Investments, the real estate arm of DRW Holdings. Convexity and DRW Real Estate Investments have successfully developed and recapitalized a number of high-profile retail, residential and hotel properties both in Chicago and throughout the United States. Recent projects include the retail redevelopment of the Esquire Theater at 58-104 E. Oak Street, a luxury apartment tower and Loews Hotel in Streeterville, and the Hotel Jerome in Aspen, Colorado.

About @properties
@properties is the No. 1 independent residential brokerage firm in Illinois and one of the top 20 residential brokers in the U.S. @properties has more than 1,500 licensed brokers in 15 offices throughout downtown Chicago, surrounding suburbs and southwest Michigan. For more information, visit http://www.atproperties.com.

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Peter Olesker
@properties
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