In spring of this year, Cirrus, a luxury condominium tower by Lendlease, opened its doors to residents. And as move-ins continue at that lakeshore property, another Lendlease development is making substantial progress on the banks on the Chicago River: The Reed. It is set for delivery during the summer of 2023.
“In our 20-plus years of selling new construction, these are the highest-quality products we’ve ever been associated with,” said David Wolf, president of Wolf Development Strategies, the firm consulting with Lendlease on both projects. “The buyers are very happy.”
Construction at The Reed topped off in July, and a glass enclosure is set to be added soon. As part of Southbank, a seven-acre, riverfront master plan, The Reed is situated along the river in the South Loop neighborhood. After The Cooper, it is the second Southbank development to rise and the first to include for-sale units. It is designed by Perkins+Will.
Once completed, the 41-story building will house 440 residences: 224 apartments and 216 condominiums. Until then, buyers may utilize Lendlease’s Lease + Buy program and stay at The Cooper until their new home is finished. Through that program, 50% of rent gets recouped as a credit at closing, and buyers are taking advantage. According to Wolf Development Strategies, more than 60% of current Reed buyers are utilizing this leasing option.
Meanwhile, in the Lakeshore East neighborhood, new residents are already calling Cirrus home. Designed by bKL Architecture, the 47-story tower will include 350 luxury units, and sales are underway. “Now that buyers have the ability to walk through Cirrus, they understand what a rare opportunity this presents in terms of the diversity of floor plans … immediate park and lakefront access and protected waterfront views that are only possible in this location,” Ted Weldon, the executive general manager of development for Lendlease’s Chicago office, said in a press release.
Situated at 211 N. Harbor Drive, Cirrus stands at the intersection of the Chicago River and Lake Michigan with direct access to Cascade Park. “Cirrus takes full advantage of its location,” Weldon said. “[It’s] adjacent to some of Chicago’s most beautiful natural attractions, starting with the drive-up access to the entrance and the double-height lobby, which showcases the building’s captivating lakefront vista.”
“Lendlease has cracked the code on creating beautiful, amenity-rich, attainable new-construction condo product that Chicago desperately needs,” Wolf said. Both Cirrus and The Reed boast a multitude of convenient facilities. Cirrus features an entire amenity podium equipped with lounge areas, a multipurpose room, a maker’s space, a game room, a screening room, a playroom and even a soundproof music jamming room, full of instruments and recording tools … plus multiple pools and a fitness center.
At The Reed, shared amenities are set to include a pool deck with cooking and dining areas, a lounge room, communal workspaces and an indoor-outdoor fitness center. Additionally, condo owners will have access to another amenity suite on the second floor, overlooking the nearby Southbank Park.
Ranging from 630 to 1,670 square feet, condos there are available in one-, two- and three-bedroom options priced from the low $400,000s to $1.4 million.
At Cirrus, one-, two- and three-bedroom options are priced from just under $500,000 up to (and around) $1 million. A penthouse collection is also available, starting at $3 million.
“Cirrus and The Reed are both experiencing exceptional sales velocity,” Wolf said, reflecting on the continued progress of the new residences. “We are grateful to the brokerage community for their support of both developments.”