The gradual resurrection of Chicago’s condominium market continues to build momentum as sales officially begin for Smithfield Properties’ 24-story tower dubbed 808 Wells. Slated for the west side of Wells Street between Chicago Avenue and Institute Place, the site of the River North project is currently occupied by a brand new (albeit very temporary) single-story sales center. Inside, prospective buyers can review floorplans as well as sample unit fixtures and finishes. Once sales reach critical mass, the plan is to demolish the showroom and start work on the tower. Similar to Smithfield’s shorter luxury condo project underway at 400 W. Huron, sales and marketing at 808 is being handled by Chicago’s @properties.
Since March, the tower’s programming has shifted slightly from what originally was originally proposed and then later appeared on Smithfield's website. Unit count first dropped from 58 down to 55 and then to 50. However, the most recent indication is that 808 Wells will now contain just 45 residences — further proof that Chicago’s new condo builders are finding the most value in high-end quality units over sheer quantity. Prices at 808 start around $1 million ($935,000 to be more precise) and top-out at $4.5 million.
Designed by with Antunovich Associates acting as the architect of record, the tower features 10- and 12-foot ceilings and a unique "sun shade" crown and large outdoor terraces. The development also manages to front the busy corner of Chicago and Wells with active use by positioning the bulk of its large above-ground garage northward, more towards Institute Place. Delivery is expected for 2017 but is dependent on the pace of sales. Based on the blistering rate reportedly set by Magellan Development and China’s Dalian Wanda Group for the upcoming Vista Tower, there appears to be no shortage of luxury buyers lining up to stake a claim in the Windy City's luxury real estate market.
- 808 Wells [website]
- River North Adds One More Condo Tower to the Pipeline [Curbed Chicago]
- Previous River North coverage [Curbed Chicago]
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