Vol. 4, Iss. 3, New Construction: Century Tower, Loop, Chicago

by Chicago Agent

Century Tower, Loop, Chicago

Century Tower, American Invsco’s 28-story former 293-unit rental apartment building at the northeast corner of Lake and Wells streets in the Loop, announced conversion to condominiums in September 2006.

Among the 293 renovated condominium residences and 49 different floor plans at Century Tower, several feature large private decks. Prices on studios began at $139,900 and one-bedroom units are priced from $172,900. Two-bedroom, one-bath residences range from $223,900, and two-bedroom, two-bath layouts with a private deck start at $327,900. Prices on three-bedroom, two-bath residences begin at $473,900.

By eliminating two years of developer interest, carry costs, marketing and other expenses, American Invsco deducted these costs from its pricing. About 100 residents and future residents plan to utilize their unit as a primary home purchased 35 percent of the units, says Stefanie Neuman, sales manager at Century Tower.

“Some 20 percent of the buyers — about 60 purchasers — are second-home buyers from the Chicago suburbs and out-of-town who are seeking a pied-a-terre downtown,” she says.

About 30 units remain unsold at Century Tower. Income limits — $52,800 for singles and $60,300 for couples — are set for the buyers of these units under a city of Chicago program.

The balance of purchasers, about 35 percent, are investors. Special investor incentives are being offered including 17 months free assessments and 17 months free real estate taxes.

American Invsco also guaranteed investors a qualified renter for their unit and offers to collect the rents, which range from $860 for a studio to $2,100 a month for a 2-bedroom, 2-bath with private terrace.

Built in 1930, the historic, Art Deco-style high-rise at 182 W. Lake St., is listed on the National Register of Historic Places. American Invsco renovated the former office building at a cost of $30 million and transformed it into rental apartments and luxury corporate suites in 1998.

For more information, call 312.443.0182, or visit americaninvsco.net.

Location Loop, Chicago
Housing Type Condominium
Number of Units 293
Number Sold 176
Delivery Date N/A
Sales Price From $139,900 to more than $473,900
Co-op 2%
Developer American Invsco

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