clock menu more-arrow no yes

Filed under:

Why Buy? Ten Condo-Turned-Rental Developments in Chicago

New, 2 comments

During the boom, new construction was mostly the terrain of condo developers. But as the market went south, many of those developers were forced to change horses in midstream, converting condo towers to rental apartments. From the Gold Coast to the South Loop, here's a list of ten high-end buildings where you can rent now:

1. The Building: Terrazio
The Location: 1935 S. Wabash Ave.
The Neighborhood: South Loop
The Price: Starting at $1,550
The Perks: Five blocks south of Roosevelt, Sedgwick Properties converted this bland condo development into rentals last February. The building has a rooftop pool and sundeck, fitness area, a dog run and business center.

2. The Building: Walton on the Park
The Location: 2 W. Delaware Pl.
The Neighborhood: River North
The Price: Starting at $3,035
The Perks: With only a fraction of its high-end condos sold, the developers started leasing the remaining inventory at the end of March. Renters get to reap the same benefits as property owners with use of a party room and entertaining kitchen, outdoor pool, Viking appliances and Kohler fixtures. The downside? Your neighbors might give you some dirty looks.

3. The Building: Mondial
The Location: 910 W. Huron St.
The Neighborhood: River West
The Price: Starting at $1403
The Perks: The details are in the inside with granite countertops and Italian kitchen cabinets, marble tile bathrooms and balconies attached to every unit. And if the water pressure in your Grohe faucets doesn't suit you, don't worry, the 24-hour maintenance man can fix it.

4. The Building: Burnham Pointe
The Location: 730 S. Clark St.
The Neighborhood: South Loop
The Price: Starting at $1,685
The Perks: The units may have an unoriginal box-like appearance, but the total package at Burham Pointe is far more interesting. Renters can set up personal training sessions at the gym, practice their strokes in the 2-lane resistance pool, grill up burgers on terrace grills or blow off steam in the funky, brightly-colored party room.

5. The Building: Roosevelt Collection
The Location: 150 W. Roosevelt Rd.
The Neighborhood: South Loop
The Price: Starting at $1,596
The Perks: This 342-unit high-rise boosts a business center, fitness center, common area WiFi, and hardwood floors. And something no other residential building in the city can match: a 16-screen ICON movie theater on the lobby level.

6. The Building: Trio
The Location: 670 W. Wayman St.
The Neighborhood: Fulton River District
The Price: Starting from $1,710
The Perks: Trio redefines full-service with a doorman, concierge services and a signature "We C.A.T.E.R program" tailored to each resident's service needs, whether it is watering plants, dropping off your dry cleaning or hanging your new painting.

7. The Building: Astoria Tower
The Location: 8 E. 9th St.
The Neighborhood: South Loop
The Price: Starting at $1,235
The Perks: A couple of blocks from Grant Park, this new apartment building has all the fringe benefits of a condo-to-rental conversion, including stainless steel appliances, hardwood floors, a 24-hour doorman, and a fitness center and sauna. The kicker is that they offer studios for hundreds less than comparable condo conversion buildings.

8. The Building: 1400 N. Lake Shore Dr.
The Location: 1400 N. Lake Shore Drive
The Neighborhood: Gold Coast
The Price: Starting at $1,400
The Perks: This vintage apartment and condo building distinguishes itself from the pack because of it's prime location along Lake Shore Drive in the Gold Coast.

9. The Building: Lexington Park
The Location: 2138 S. Indiana Ave.
The Neighborhood: South Loop
The Price: Not yet set
The Perks: In March, it was officially announced that this vacant 35-story tower could go rental. And with the amount of new construction rentals in the South Loop, prices are likely to be competitive. Stay tuned.

10. The Building: Mod
The Location: 1222 W. Madison St.
The Neighborhood: West Loop
The Price: Starting at $1,655
The Perks: The switch to rental happened in early 2009, just before the Mod's condos were supposed to hit the market. That means renters get to enjoy high-end kitchen and bathroom finishes that were originally meant for the condo buyers.