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A
green thumb for building by Dan Schuyler |
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Usually when developers
talk about “recycling,” they mean converting one type of structure
(a warehouse or factory, say) into another (often apartments or condominiums).
In the case of Lakeside Lofts, a new condo project planned for 2025 S.
Indiana, the term is being used literally. “Since this is
an environmentally friendly project, we decided to start by recycling
materials on the site as much as possible,” Frankel says. “We
anticipate that many of the residents will be younger first-time buyers
who have a strong appreciation for the environment, and this is one of
our ways of showing that we are sensitive to that.” Lakeside Lofts is
designed as twin five-story structures, each with 48 condos on the top
four floors and 10,000 square feet of retail space at ground level. The
brick, stone and metal exteriors are comprised in part of concrete and
other materials salvaged from the three-story industrial building that
previously occupied the site. One of the greenest
features of the project, however, is found not in the buildings, but atop
the adjacent one-story garages. The roof of each garage will be covered
with a 35-by-100-foot botanical garden with four-season plantings, which
many of the condos will overlook. “If someone asked
me what was the most outstanding feature of Lakeside Lofts, I would have
to say the gardens,” Frankel says. “There are a lot of other
things to brag about, but the rooftop landscaping really makes an emphatic
statement.” Frankel, who also
took a “green” approach to his sold-out Loftworks on Michigan
project, divides this sort of building into two categories: “healthy
living” features and environmentally friendly features. The first
category includes things like low-VOC (volatile organic compounds) paints,
formaldehyde-free insulation, water-based floor finishes, built-in water
filters and other items that provide a healthier living environment, especially
for buyers with allergies. The second category includes solar panels,
special solar shades, top-notch insulation, and other energy-savers, as
well as carpeting and other elements that are made from recycled materials. And though Lakeside
Lofts is not a recycled building, unlike Frankel & Giles’s earlier
loft conversions, the new construction Lakeside Lofts copies loft design
elements, as the name implies. The condos have ceiling heights ranging
from 10 to 18 feet, hardwood floors, open floor plans and oversized windows
for a lofty feel. Other features include
large outdoor balconies or terraces, designer lighting in living areas,
designer kitchen cabinets, granite countertops, stainless steel appliances,
tile bathroom floors, walk-in shower spas (per plan), under-floor radiant
heat (per plan), multimedia pre-wiring and washer and dryer hookups. Building features
include secured lobby entrance areas, high-speed traction elevators, storage
facilities, sound-reducing insulation batting and heated indoor parking
spaces. The units have one
to two bedrooms and one to two baths, priced from just under $200,000
to the mid-$300s. Parking spots are $30,000, and first occupancy is scheduled
for fall of 2006. “In addition
to the environmental features and the style and quality of the project,
the price points are remarkable for this neighborhood,” Frankel says.
“There are countless units being built in the South Loop for $700,000
and up, and very little for first-time buyers or moderate investors. Also,
there are plans to build a big shopping center across from McCormick Place
this fall, and that by itself will enhance values.” At press time, 27
of the 96 units had been sold, and Debby Warnick, sales agent for Frankel
& Giles is not surprised. “In plain terms,
you are getting a whole lot for your money,” Warnick says. “The
quality of construction, the environmental features, the window-to-square-foot
ratios and the standard amenities that would be upgrades in other buildings…all
these explain why we are getting so much interest so early in the game.” The sales center for Lakeside Lofts, www.LakesideLofts.com, is located at 1575 S. Michigan.
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Robbie
Frankel and Keith Giles, partners in Frankel & Giles Real Estate,
a pioneer in developing South Loop lofts, have recycled their share of
buildings, but never quite like this.