Chicago-based Convexity Properties will be breaking ground on Sept. 16 for the construction of the first high-rise condominium development in the Gold Coast since 2007.
Sales of the 23-story condominium at the northeast corner of State St. and Elm St. began this summer. The building will feature 35 half- and full-floor condominiums ranging in price from $2.2 million to more than $7 million. Residences will range in size from 3,095 to 3,516 sq. ft., and can be combined to offer more than 6,600 sq. ft. of living space.
Due to the economic crash in 2008, Mike Golden, co-founder of @properties, believes the climate for new construction condominiums largely dried up. Though, as the market began to recover over the last couple of years, the opportunity to build condominiums became more viable, leading to developments such as this one at 4 East Elm.
“We’ve seen empty nesters looking to move back into the city and second home buyers who have a home in the suburbs or other parts of the country who want to have a place in Chicago,” said Golden. “The units are large, with three bedrooms, and larger when you get into the full floor units, so someone could easily live here if they have children and a family.”
The Gold Coast’s Latest High-Rise
The luxury condominium is located in the heart of the Gold Coast, offering residents unobstructed views to the South of the building, and is in close proximate to restaurants, Michigan Ave. shopping district, parks and more. Golden emphasized that the building can appeal to anyone in any demographic largely due to the prime location of the development.
In terms of in-building amenities, the building offers a pool, exercise facility, theater, entertaining room, outdoor deck space and a doorman, most of which are unique for a 35-unit boutique building. The development also alleviates security concerns and upkeep of the unit for those who are not full-time residents. When asked which feature of the condominium Golden found most attractive, he said it was impossible to choose just one because the development checks all of the boxes.
“I think the reason why we think the building is so appealing is because it’s sort of checking all the boxes,” said Golden. “We have all the pieces that people need, so we think it’s not just one thing, it’s the entire package. I don’t think we’ve missed on anything.”
The groundbreaking will take place on Tuesday, Sept. 16, on the Northeast corner of State and Elm in Chicago, at 9:30 a.m. For more details contact Peter Olesker by phone at 312-334-8360 or email at [email protected], or Kelly Maguire by phone at 312-334-8369 or email at [email protected]. You can also visit http://4eastelm.com to learn more about the neighborhood and amenities.