Tuesday, October 24, 2006

The NEW Chicago condo conversion

So are you looking for that perfect home right on the Chicago River? Well you have more choices then ever....Trump International Hotel and Condominiums, Riverview West, Solis Chicago Hotel Condominiums, and the list goes on. But the latest additions are not just new construction projects. It's the latest in condo conversions, and it's not rental being changed to condos. Welcome corporate headquarters to home sweet home conversion. More and more Loop office buildings are being re-zoned residential and being converted into luxurious homes, but don't expect them to come without the same hefty price tags new construction projects have. The latest potential conversion, according to Crain's is One IBM Plaza, or 330 N. Wacker Drive. IBM is moving to a new building on Wacker Drive and without it's anchor tenant 330 N. Wacker is in need of a new direction. Given it's architectural significance, it was designed by Ludwig Mies Van der Rohe, and it's prominent location on the river, it certainly isn't difficult to understand that someone will find a purpose for it.

There's a term in real estate, highest and best use. Basically it means that space, land or building if being used in a way that maximizes its potential. With a renewed interest in living in the Chicago's main business district, it's not surprising to see this emerging trend. There has been an abundance of vacant commercial office in the Loop in the past several years. Business have been moving into the latest and greatest high-rises or simply consolidating their existing space, and vacant spaces don't pay the bills.

Sounds cool, but can't afford the price tag? There are a lot of other great options all over the Loop, especially gut rehabs of some of amazing old architecture with all the modern amenities.