Buildings like the Palmolive Building at E Walton and Michigan Avenue have become icons in Chicago real estate.
Names like Rodeo Drive, Fifth Avenue, Michigan Avenue—while of course these are famous street names, they are also much more than a spot on a map. Streets like these have become iconic in their own right, known for being prestigious, in-demand and home of an extravagant lifestyle.
Chicago is lucky to be home to several prominent streets like this, as well as buildings and architects that signal the same luxury lifestyle. And in a volatile real estate market such as this one, properties credited with a renowned street, building or architect are well-positioned to maintain their value and increase in the future. Just like in an up-and-down stock market, good companies continue to go up and make money. Buildings with good design, quality service, concierge services and more have what people want now and in the future, ensuring they remain valuable in the market.
Streets, Buildings and Architects for Chicago Luxury Real Estate
Chicago has several notable names when it comes to real estate, whether it be a property built by a top architect or a simply a street known for spectacular homes and location. Let’s take a look at a few: Howe, Burling and Orchard streets: Three prestigious blocks in one of Chicago’s most prestigious neighborhoods, Lincoln Park. The single-family homes on these streets are considered to be the most high-end in the city, called “McMansions” by the Chicago Tribune. Many famous people reside on these streets, with a $4.5 million home on N Burling sold just this past May. The Palmolive Building: This art deco building is one of the city’s most significant structures in terms of architecture and history. Its conversion to luxury Chicago condos in the last decade or so means residents with a 159 E Walton address are a quick elevator ride from five-star dining and upscale shopping on the adjacent Michigan Avenue. Many units have unobscured views of the city’s skyline, and properties on the 22nd floor and up are full-floor units. Trump Tower: Even as a more recent addition to Chicago, the Trump name immediately left its mark on residential real estate in Chicago. With beautiful views, ample square footage and top-notch amenities and concierge services, Trump Tower is not just an address, but a way of life. It’s grand-scale features and 24/7 availability of staff make this exclusive building one of Chicago’s most coveted places to live. Benjamin Marshall buildings: Architect Benjamin Marshall designed some of Chicago’s best-known landmarks—The Drake Hotel, the South Shore Country Club and five of the eight residential buildings found on the exclusive East Lake Shore Drive. Marshall’s work helped shape and rank the elite Gold Coast, now commonly known for luxury living. Jeanne Gang: This local talent recently won a MacArthur Grant, and was the first architect in 11 years to do so. Gang is perhaps best-known in Chicago for Aqua, an 82-story tower in the New East Side that opened last year and immediately ranked among Chicago’s noteworthy buildings. Scalloped concrete around the Aqua building appear like waves circling the exterior—and those “waves” function as balconies for the building’s residents. Gang’s studio also designed the Nature Boardwalk at the Lincoln Park Zoo, the framework for the lakefront’s Northerly Island, as well as work around the globe, from Vancouver to Taiwan.
Chicago New Construction with Status
While these notable blocks and buildings have been around long enough to become status markers in Chicago real estate, there are new and up-and-coming buildings as well anticipated to hold the same standing. Ritz-Carlton Residences: Like Trump, the Ritz-Carlton name alone is a highly anticipated addition to Chicago real estate. With 89 luxury residences right on Michigan Avenue, the Ritz-Carlton Residences are expected to being delivery early next year. Lincoln Park 2520: This new construction has everything: location (one of the most idyllic settings looking over beautiful Lincoln Park), name (the building is designed by soon-to-be-retired architect Lucien Lagrange, known for many exquisite buildings in Chicago) and luxury (with amenities ranging from a 20-seat movie theater to a private park, dog exercise area and much, much more.) Delivery on Chicago condos in Lincoln Park 2520 are expected to being in spring 2012. The Elysian: Located in the Gold Coast, this hotel and condominium building is a force to be reckoned with when it comes to sophisticated living. With unmatched concierge services, state-of-the-art amenities and upscale architecture, this building is simply a spectacular place to call home.
These remarkable names in Chicago real estate mean value. Properties with renowned buildings and architects and street names attached to them mean their value is recognized immediately, and properties like that stay afloat in an unpredictable market. To learn more about properties like these, contact me at 312-264-5853 or email me at [email protected]
Lake Point Tower, at right, is one of many buildings along Lake Shore Drive that offer incredible views of Lake Michigan. Image via Chris Walker/Chicago Tribune