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Developer Sends Revamped Adler Place Condos to Market


Adler Place isn't a towering presence on the skyline, but it doesn't need all that height to produce tremendous views thanks to a low-rise crater to the north, a rapid tapering off of building heights to the west, and the lake to the east. Related Midwest purchased 98 unsold developer units in the 32-story tower at Prairie & 16th as part of a 504-unit South Loop condo portfolio which included vacancies in the rebranded Harbor View and Grant towers. As with the other repositioned buildings units are moving quickly toward closings: David Wolf, president of sales at Related Realty, tells us 35 of Adler Place's 98 condos were under contract at the start of the week#&8212; almost immediately after being released for sale. The market is a bit stronger than it was a few years back, so it's not likely there'll be a recurrence of events when legions of prospective buyers walked away from the signing table.

Wolf and VP of marketing Tricia Van Horn escorted Curbed through the improved spaces. The building as a whole didn't require much work, mainly a sprucing-up of common spaces such as the lobby, gym, and top-floor amenity level. The available units, however, got the standard Related treatment consisting of a choice of "traditional" or "signature" finishes and decor. We walked through model units on a high floor, where a 900-square-foot one-bed + den with primarily westward views is asking $340K and slightly larger two-beds are priced in the mid-400s. Finishes were pleasant enough, but, truth be told, the views were the thing across the board whether north, south, east, or west. Floor-to-ceiling windows are a big part of it, and the lack of obstructions another. Were the building 10 or 12 stories taller, there'd certainly be bird's eye views of Bears games.

The building's other impressive feature is the double-height rooftop amenity complex with a mix of indoor and outdoor spaces. At the north end, a small pool edges up to the Loop skyline. On the eastern face, a three-walled inset terrace provided a large unstructured space. And the interior included lounge seating, fireplace, and bar. With Adler on the market Related is freed up for new conquests... as if they're short on business.
·Market Watch: South Loop Luxury by Related [Curbed Chicago]
·A Reworked Museum Park West Relaunches as The Grant [Curbed Chicago]
·Relaunch of Unsold Central Station Condos Gains Traction [Curbed Chicago]
·Adler Place [official]