678 Kingsbury to become Luxury Lofts in River North

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

400 W. HURON – River North’s Newest Luxury Condo Development

400 W. Huron, located in the heart of Chicago’s River North neighborhood is being developed by Smithfield Partners, the same developers as SoNo and 30 W. Oak. 400 W. Huron is slated to rise 16 stories into the air. Luxury residential units will start on the 5th floor and rise up to the 15th floor. The 16th is comprised of private roof deck for 15th floor units.

The condominiums at 400 Huron start at 2,144sf and go up to 4,931sf for the largest unit. The smallest unit is a Three Bedroom, Two and Half bath home, while the largest is a Four Bedroom plus Den, Library and Family with Four Full baths and Two half baths.

The amenities at this new luxury building in River North include everything from a state of the art fitness center to a heated garage and 24hr door staff. The finishes of the actual units will be top notch. They’ll include Valcucine Kitchens and Baths, Miele appliances, custom closet built ins, 10ft ceilings throughout, Floor to Ceiling Windows, Toto plumbing fixtures and upgraded Grohe faucets.  Pricing is set to range from roughly $1,250,000 (3 Bedroom condos) up to $4,000,000 (4 Bedroom + Condos).

New construction developments have been rare in recent years. While 400 West Huron is not a large development at only 26 units, it does help satisfy a much needed demand for new construction in River North. Floor Plans have not been released on other websites as of yet, but I have had a chance to review them. The architect has done an incredible job at maximizing the square footage and use of space per unit. All kitchens open up to large great rooms and bedrooms are situated properly away from the main living areas. Outdoor space is a key feature in this building with many units having balconies (terraces might be a better word to use) that run the length of the unit. Penthouse units even have access to private roof space.

For more information about this building, to get detailed information and a private presentation of floor plans, renditions, etc. please contact: Paul Blackburn with @properties. He can be reached via e-mail at Paul@PKBlackburn.com or via his cell at 773.771.7502

400 West Huron

400 West Huron