June 8, 2005
Affordable vision on State Street
During the ‘80s and much of the ‘90s, the South Loop was known as the downtown community where buyers could find affordable new homes close to the Loop. But as amenities and popularity expanded in the neighborhood, the vision of an affordable option close to the city center faded. Until now.

That’s according to Park Development Group, Renaissant Development Group and Construction Consulting Group, the joint venture partners building “Vision on State,” www.VisionOnState.com.

The 19-story condo complex is planned for 13th and State. At press time, 40 percent of the 254 condos already had been sold, according to the developers, and a sales center was not scheduled to open until spring. Prices, which range from the $170s to the $310s for brand new construction, are a big factor in swift sales, according to Michael Golden, of @ Properties, the exclusive sales agent for Vision on State.

“There is pent-up demand for affordably priced new construction in the more established neighborhoods around downtown,” Golden said. “While the South Loop was considered up-and-coming a few years ago, today, this is prime real estate.”

The condos have one to two bedrooms, one to two baths and 610 to 1,079 square feet. Yes, the emphasis here is on efficiency and competitive pricing, not rambling units, but that’s a winning formula in the South Loop, according to Golden, who says many first-time buyers are more concerned about absolute price that price-per-square-foot in a good location.

“Buyers are hard-pressed to find new construction for under $250,000 in the area, so they’re moving very aggressively to seize this opportunity,” Golden said.

The development is visionary in another way too, according to Golden.

“Vision on State will be Chicago’s first completely WiFi residential building,” Golden said. “Not only does this allow residents the freedom to move their work space around the condo, but it also allows them to take their laptops out on their outdoor terrace, over to a neighbor’s home or into any of the building’s common areas.”

The homes have open kitchen and living-dining room layouts as well as private balconies. Features include granite countertops, GE appliances, 42-inch cabinets and ceramic baths. Many units also have pantries, kitchen islands, linen closets and computer niches. Buyers can upgrade to Jacuzzis, fireplaces and other features, and they can combine two homes for three bedrooms and up to 1,600 square feet of space.

Vision on State will have a fitness center, a business center, a hospitality room, a guest suite, individual storage units, a bike room and a 24-hour doorman.