Building Sterling homes

Invsco aims high with new River North tower
by Andra Naylor

The 50-story Sterling, a new condominium tower with a bold, modern design of glass and concrete, rises above River North in such splendor that American Invsco just had to have it. That according to Sharon Rizzo, executive sales manager of the project as well as of the new Millennium Centre, both by a company known as one of the oldest and largest converters of condominiums in the world.

“We were considering getting more new construction,” said Rizzo, who has led the sales effort at these brand new buildings by American Invsco. “We were already building the Millennium and just fell in love with (the Sterling).”

Invsco bought the Sterling, located at 345 N. LaSalle, from Royal Imperial Group while the highrise was under construction, closing in January of 2002. True to form, the company that has converted projects ranging from Lake Point Tower and Loftominium World to the current River City and New York projects, has not gone meekly into the realm of new construction. Millennium Centre has been one of the fastest selling developments in the company’s history and its latest project, the Lakeview, at 2520 N. Lakeview, promises to be the most upscale new condo development in the city.

In the case of the Sterling, Invsco was attracted to the modern design and a riverfront location between the dining and art galleries of River North and the financial district, to the south.

“This isn’t your typical rectangular building,” Rizzo said. “It has a graceful, curved design that is unique for the area.”

The Sterling includes in-town units, junior one-bedrooms, two-bedroom two-bath condos and three-bedrooms with two baths (deluxe one-bedrooms are sold out). In-towns range from the $200s to the $220s and junior one-bedrooms range from the mid-$200s to around $300,000. Two-bedroom units are priced in the mid-$500s, while the three-bedrooms are in the mid $600s.

At press time, according to Rizzo, about 87 percent of units had been sold.

“A good mix of people have been buying,” Rizzo said. “We have a lot of professionals from LaSalle Street that enjoy being able to walk to work. Also there are a lot of people from the suburbs who use these as their second homes. And we have some empty nesters from the burbs, as well as single professionals who love the convenience to the Loop.”

Buyers often are first drawn to the building’s exterior – the dramatic 30-foot glass curtain wall lobby and the gentle curve of the glass and concrete façade – but it’s the living space that seals the deal, according to Rizzo. For example, the recessed balconies, which don’t hang off the building but are somewhat enclosed by the curved façade, are popular with buyers who want to feel secure while enjoying outdoor space.

Almost all units have balconies and half of the three-bedroom units boast two, one off the master bedroom and a second off the living area. Other features in the condos include floor-to-ceiling windows, open kitchens and in-unit washers and dryers. Standard finishes include a granite breakfast bar, microwave, garbage disposal, double-door refrigerator with icemaker and cultured marble tops in bathrooms. Deluxe packages offer upgraded cabinetry with large crown moldings and stainless steel appliances.

The building’s amenity level, located on the 14th floor, spares no luxury, with barbecue pits, an outdoor 78-foot heated lap pool and two lighted regulation tennis courts. Inside are a fitness center and party room, and private storage is available on floors two through 14.

“We have wonderful retail space on the first floor,” Rizzo said, “including a Starbucks, 7-Eleven, CVS Pharmacy and dry cleaner. The 7-Eleven is special because it was the 25,000th to open in the country and the company made a big deal about it.”

According to Larry Nordin, project manager with architects Solomon Cordwell Buenz & Associates, the goal was to create a standout design that would be a selling point with home buyers rather than another cookie cutter shell.

“We wanted to call attention to the distinct design that people could relate to,” Nordin said. The Sterling was conceived as a gateway to the Loop, and “the sweeping and curved walls direct people to the downtown.”

“The geometry of the building is configured so that the sloping concrete wall is toward LaSalle Street, to help form a gateway leading to the Board of Trade,” said Jim Curtin, senior vice president at Solomon Cordwell Buenz.

Apart from its strong modern statement, sculpted of concrete and glass, the Sterling is unique among Chicago’s new residential highrises in another respect. The tower does not sit on a blank multi-level parking garage in the kind of wedding-cake arrangement that has become a cliché downtown, but rises adjacent to the attached 10-story parking garage, where spaces rent for $200 a month.

“Because the parking garage is adjacent, we needed more of a point tower,” said Curtin. “The tower is more boxy and square than long and narrow. This allowed us to maximize the number of corner units on each floor. Eight out of 10 units have corner windows and views. The corners give great panoramas and are bumped out ten feet so there is a full view up and down LaSalle.”

And nearby landmarks guarantee those views will be protected, according to Rizzo. The developer maximized green space as well as views, by including a park, located on the corner of LaSalle and Kinzie, in the design.

“Residents love the green space,” Curtin said. “And it provides a nice transition from the cityscape.”

That’s just one of many details that, according to Curtin, give the Sterling real presence in the city’s skyline.

“This building has a posture,” Curtin said. “It’s making a gesture to LaSalle Street and the city beyond.”