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COVER STORY, AUGUST 2007
LIVING THE HIGH LIFE
The development of luxury residential towers is on the rise across the Midwest.
Dan Marcec
Across the United States and throughout the Heartland, high-end residential growth is re-centering in major cities, moving back in from suburban sprawl that has occurred during previous decades. As a result, luxury residential living has become a significant trend, leading to the development of many unique projects. Heartland Real Estate Business recently interviewed executives from companies involved with three of these projects, providing examples of the new and exciting luxury product currently being developed.
Walton on the Park – Chicago
Situated on a site encompassing a full 1.77-acre city block in the Gold Coast neighborhood of Chicago, Walton on the Park will be a luxury residential community situated in close proximity to a highly desirable neighborhood. Consisting of two condominium buildings totaling 400 residential units — as well as three existing single-family mansions each comprising 10,000 square feet — Walton on the Park also features 11,000 square feet of ground-floor retail, 500 condominium parking spaces and 50 non-accessory parking space.
Developed by a joint venture between The Enterprise Companies and Mesirow Financial Real Estate, construction is set to begin in the fourth quarter of this year, with completion expected in summer 2009. The first six floors of each building will consist of retail, residential and parking components, while floors seven and up will be strictly residential. Pappageorge/Haymes is the project architect.
With existing landmarks on the property, including the mansions and a Cathedral, the design team took great care to develop Walton on the Park as a smooth transition between the taller structures along Michigan Avenue and smaller residential homes to the west.
“Walton on the Park reflects traditional Chicago architecture style by placing a strong emphasis on the base, middle and top, while making a defined modern statement through the curved glass along the northeast and southeast corners,” says Jeff Renterghem, senior associate of Pappageorge/Haymes. “In symmetry with the rest of the neighborhood, the structure reinforces the existing pedestrian experience by including consistent retail exposure from State Street.”
Amenities within the project include an outdoor pavilion that connects the two projects, featuring an expansive sundeck, lap-length swimming pool and whirlpool, all of which is surrounded by an entertainment area that has a fireplace, an outdoor Viking cooking station and landscaped gardens. Gathering spaces for entertainment — complete with full chef’s kitchen, a plasma TV, and game tables, as well as a state-of-the-art fitness facility and private spa — adorn the interior.
“With its location in the heart of the Gold Coast, Walton on the Park offers a lifestyle of luxury and convenience, surrounded by world-renowned retailers, first-class restaurants and myriad cultural offerings,” says Ron Shipka Jr., principal of The Enterprise Companies. “Boasting an innovative design, elegant, customized interiors and extraordinary amenities, Walton on the Park provides a world-class residential building in the city’s preeminent residential neighborhood.”
The Ascent at Roebling’s Bridge – Covington, Kentucky
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The Ascent At Roebling’s Bridge
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Situated just across the Ohio River from downtown Cincinnati, Covington-based Corporex Companies is developing The Ascent at Roebling’s Bridge, a 22-story, 70-unit condominium tower. Underway since October 2005, the $75 million, ground-up development is scheduled for completion in November of this year. Architect Daniel Libeskind designed the project.
With 62 standard condominiums and eight penthouses — ranging in size from 1,100 to 7,500 square feet — the Ascent at Roebling’s Bridge offers a unique style of living in the Cincinnati area, as well as one-of-a-kind structure.
“Libeskind is renowned for feeling a place and then creating a masterpiece that reflects its special properties,” says Debbie Vicchiarelli, senior vice president and chief marketing officer of Corporex. “If you’re curious as to what makes the project unique, just look at it; the project reflects the historic Roebling suspension bridge literally as well as figuratively, while bridging the entire region to a contemporary and remarkable future.”
With the project already nearly 80 percent sold out with 6 months of construction remaining, the market was clearly ready for this kind of luxury living. Amenities at The Ascent are numerous, with private car and driver service, 24/7 security and concierge, and in-home dining and entertaining service from the Metropolitan Club or the Marrio at resident’s fingertips. In addition, communal amenities include a state-of-the-art fitness center with private massage room, sauna, and locker and restroom facilities, as well as a private outdoor pool and sundeck.
Each home features spectacular city views, personal storage rooms, and state-of-the-art technology including data, cable and satellite connections. Furthermore, with strolling access to local stadiums and 23 restaurants, the neighborhood is an amenity unto itself.
“We developed this project with the knowledge that the market was ready for a unique jewel, something to bring sophistication to the skyline and provide a never-before-seen opportunity to own a home that is also art,” Vicchiarelli says. “The Ascent has set a new standard for luxury living in the region and beyond.”
Park East Tower – St. Louis
Recently completed in the Central West End neighborhood of St. Louis, Park East Tower — developed by Minneapolis-based Opus Northwest — is a 26-story, 250,000-square-foot condominium tower featuring 89 residential units and 8,000 square feet of retail space, as well as five levels of enclosed parking.
Created by project architect Opus Architects & Engineers and design architect Forum Studio, Park East Tower’s contemporary, art-deco style features a window-wall exterior affording spectacular views of downtown St. Louis, Forest Park and Washington University Medical Center.
“Opus is always looking to expand its product diversity and to employ its core competencies of real estate development and design/build construction in new product types,” says John Pitcher, vice president of real estate development for Opus Northwest, and head of the firm’s St. Louis office. “Seeing a decline in office and industrial development in St. Louis shortly after establishing our office here in 2001, we set out in pursuit of a marquee condo project here.”
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The clubroom at Park East Towers in St. Louis illustrates the high level of amenities that is being incorporated into many new luxury residential developments across the Midwest.
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Features within the property include a fully equipped exercise room and a club room with media area, bar, catering kitchen and lounge areas, all of which overlook a pool, spa and landscaped terrace that sits on the seventh level of the building. The neighborhood in itself is an amenity, full of shopping, dining and entertainment opportunities. The Central West End is located only a block from the internationally-renowned Washington University Medical Center, and residents will be just a quick stroll from the 1,293-acre Forest Park, which features an array of amenities all its own, including an art museum, a zoo, an outdoor theater, a skating rink, a 27-hole golf course, and numerous biking and running trails.
As the first high-rise residential development in the city of St. Louis in more than 30 years, Park East Tower has become a landmark project, according to Pitcher. By showing that a luxury project of this type is viable in the market, a new threshold of sales price per square foot for condominiums was achieved. Aside from financial success, its contribution to St. Louis’ skyline enhanced the project’s notoriety.
“The development already has and will continue to have a significant impact on the area; for starters, on the most rudimentary level we took a vacant corner lot and developed a $60 million project on it, adding people to the neighborhood and spurring investment activity,” Pitcher says. “On a higher level, the project is having a positive and profound effect on residential living in the city, establishing the desirability of high-rise, urban living in the city of St. Louis. In fact, we’ve already seen project proposed, that, without the acceptance of Park East Tower, probably would not have been considered.”
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