For the second time this year, the demand for higher-priced condos in the West Loop nudged a developer to reconfigure a planned building.
“You listen to the market, and the West Loop market had demand for more” of the higher-priced condos, said Jon McCulloch, co-CEO of Belgravia Group, which is planning a condo building called CA6 at 1147 W. Jackson in a joint effort with JRG Capital Partners.
In February, Belgravia launched sales for CA6, a seven-story red brick structure with 72 units. As designed, the building, which is not yet under construction, was to have primarily condos under 2,400 square feet, with five that would be 3,150-square-footers.
The larger units were priced from $1.63 million, while the smaller ones started at just under $826,000.
In the first weekend of sales, all five of the upper-priced condos went under contract, McCulloch said, and at least a dozen other potential buyers wanted one.
Back to the drawing board went the architects at Sullivan Goulette & Wilson, who redrew the top of the building to turn seven mid-sized units on the building’s upper floor into the larger, more expensive duplexes. When the seven units went up for sale in early March, McCulloch said, two sold right away.
The total number of units in the building, 72, did not change.
Belgravia’s experience echoes what happened in January with another West Loop development, Peoria Green. There, the developer planned fewer $3 million condos than there was demand for, and ended up shifting floorplans around to make more.
McCulloch said the demand for larger condos and the higher price tags they command “is young families who want to stay in the West Loop.” As their families grow, they don’t decamp for the suburbs or other parts of the city, he said, “they will only live in the West Loop.”
Belgravia knows the West Loop, having built five previous projects in the neighborhood (hence the ‘6’ in the name of this latest development, CA6). They were all primarily three-bedroom layouts. As the West Loop and its residents mature, he said, “they want four-bedrooms.”
In the past few years, million-dollar condos have become de rigueur in the West Loop, which a generation ago was a hardscrabble place. Dozens of condos have sold at $2 million or more, and a few at over $4 million.
At CA6, creating more top-priced condos was relatively easy, McCulloch said. The five in the initial offering were duplexes that began on the seventh floor. On that same floor were seven units that were to be single-story layouts, with rooftop decks. The architects added a second level to those seven. That is, the building originally was to have five seventh-floor units that reached the eighth-floor level, but now will have 12.
The additional space was allowed under zoning, McCulloch said. Groundbreaking is scheduled for fall, with the first move-ins a year later.
Getting a market prompt to build more of the large units is the opposite of what Belgravia experienced with a project outside the West Loop.
At Renelle on the River, a condo project next to the Trump International Hotel & Tower on Wabash Avenue north of the Chicago River, the building’s original design had condos in three sizes: 2,200, 2,500 and 3,400 square feet. A couple of years ago, when sales lagged on the 15 in that largest size, McCulloch said, 10 of them were rejiggered to become a group of 2,350- and 1,800-square-footers.
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March 16, 2020 at 10:37PM
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Belgravia Group, JRG Capital Partners adding more of most expensive condos to West Loop project - Crain's Chicago Business
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