Chicago has issued a $52 million building permit for a condo project at 403 N. Wabash.
The 18-story project, named Renelle on the River by the Belgravia Group, is being built by James McHugh Construction Inc. and was designed by bKL Architects. McHugh is self-performing the masonry contracting, while other subtrades include: Electrical – Avondale Electric, Inc.; plumbing – Carrozza Plumbing Co.; and refrigeration and ventilation, Advance Mechanical.
The project’s publicists described the 50-unit structure in the usual gushing terms.
“As the city continues to reinvent the Riverwalk and create a world-class experiential destination, Renelle on the River increasingly becomes a sought-after community for buyers looking to take advantage of this unbelievable location,” Buzz Ruttenberg, founder of Belgravia Group, said in a statement. “With the majestic Wrigley Building to the east, the Chicago River to the south and Ludwig Mies van der Rohe’s AMA Plaza to the west, Renelle is surrounded by Chicago icons – we couldn’t ask for better neighbors.”
The news release says the development will occupy one of the last parcels of land available for development along this stretch of the Chicago River. The developers say they have already pre-sold 45 per cent of the units, using virtual reality software to demonstrate the living experience to purchaserseven before the project has broken ground.
“The virtual reality experience has definitely been a driver of sales,” Ruttenberg said. “When buyers have the opportunity to virtually tour a residence, customize finish selections in real time and ‘look out’ the window, the purchase decision is almost a no-brainer even before a construction crane is put in place.”
The condos don’t come cheap — prices quoted in the news release ranged from $1,275,900 to $3,213,900.