Finally, the project at 678 N. Kingsbury, also known as The Ronsley, is getting underway and what a project it will be. According to Crain’s Chicago Business, the 5 story building will include six newly built penthouses as well. The building will be altered greatly to include a glass facade and the penthouse units will be built on top of the existing structure. In addition to the new penthouse units, a new structure will be built onto the back of the building (where a parking lot currently exists. Think of it as adding an addition onto the back of a single family house).
What will the pricing be for 678 N. Kingsbury (The Ronsley)? According to the list agent, prices will range from $889,900 to $5.4 million. This will equate to roughly $650 to $900 a foot which is definitely on the high end for this area and on the high end for Chicago as a whole. The list agent described the building when he gave the following quote “It’s an ultra-luxury building and of the first Soho New York style lofts in Chicago.” The building will have a total of 41 units which is in line with other luxury buildings currently being constructed in Chicago (think of 400 W. Huron, 100 W. Huron and 4 E. Elm).
My thoughts on 678 Kingsbury
It will be interesting to see how the market responds to pricing. I do believe there is a need for luxury lofts in Chicago. Many of the loft buildings have not been constructed on a luxury level. Instead, most loft buildings and units are very middle market. I like the way the listing agent described the building as a “SoHo New York Style” loft project.
The location of the project is in River North, but it is quite far west in River North. Most buyers in this area looking to spend millions would prefer to purchase a single family home as opposed to a condo or loft so it will be interesting to see how this project is received, but as I said before I do believe there is a need for luxury lofts in Chicago right now.
The project is expected to break ground in February of this year (2015).
Paul Blackburn is an Illinois licensed Realtor and Broker with @properties. He can be reached anytime via e-mail at Paul@PKBlackburn.com