Construction is underway at 1349 South Wabash Private Residences, an innovative new-construction residential development in the heart of the South Loop. 

“Our handsome contemporary brick, concrete and glass high-rise will showcase architecture with Asian influences,” noted developer See Y. Wong of Wabash Properties and partner in Michigan Avenue Group, LLC, developer of the 78-unit high-rise. “1349 South Wabash Private Residences will have clean lines, an abundance of floor-to-ceiling windows and prominent corner balconies.” 

A ceremonial ground breaking was held May 7th on the site for investors, bankers and the general contractor, Premier Contracting. Earlier, a one-story commercial building was razed to make way for the high-rise. 

Wong said the $30-million project is being financed by California-based Cathay Bank, a Chinese-owned institution which recently purchased Chicago-based New Asia Bank. 

“Topping off of the high-rise is scheduled for late 2008 or early 2009, and deliveries are scheduled for late 2009,” Wong said. 

Sales at the 15-story 1349 South Wabash have reached the 60-percent mark.    

“As a ground-breaking incentive to maintain our sales momentum we are offering $5,000 in free options on 2-bedroom layouts for buyers who sign a contract this spring,” said Wong. 

The upgrades can be used to upgrade flooring, cabinets and granite counter tops, or add a free washer and dryer and custom paint, Wong said. 

In addition, Wong has an attractive offer for investors who buy a unit and place a 25-percent down payment. “Under our guaranteed rental program, we will lease the investor’s unit at market-rate rents for two years at break even or a positive cash flow,” Wong said.  

One-bedroom units in the contemporary building are priced from $223,500, while 2-bedroom, 1-bath layouts begin at $294,500. Two-bedroom, 2-bath layouts start at $338,500 and 3-bedroom, 2-bath residences start at $433,500. A 14th floor 3-bedroom, 2-bath penthouse with two balconies and 1,300 square feet is listed at $479,500.  

Purchasers include a mix of young professionals who work in the Loop and suburbanites seeking an in-town residence for grown children who are attending to school downtown, he said. 

“Several buyers said they were attracted to the development because of excellent pricing—which averages $330 a square foot—and its great location near Gioco, Opera and The Firehouse—three of the best restaurants in the South Loop,” Wong said.  

The 1349 South Wabash Private Residences features studio, 1-bedroom, 2-bedroom, 3-bedroom and penthouse residences with private terraces showcasing dramatic views of the lakefront and city. 

Plans call for 10 studios, 38 one-bedroom residences, 28 two-bedroom, 2-bath layouts and four 2-bedroom, 2.5-bath penthouses with large private terraces on the 15th floor. The residences will feature 520 to 1,458 square feet of living area.  

The building also will have a common-area terrace on the 5th floor and two street-level retail/commercial spaces. 

All condominiums at 1349 South Wabash feature standard 24-by-24-inch ceramic-tile or wood flooring in the foyer, living room, kitchen hall and closets. The bedrooms feature wall-to-wall carpeting. The development also features a bike storage area and rear entry parking to the garage. 

A popular corner split 2-bedroom floor plan features 1,055 square feet of living area plus 116 square feet of outdoor space contained on two balconies facing east and west. 

Entry into the model residence reveals a long hallway, perfect for hanging art. Down the hallway and around the corner is the large 8-by-11.3-foot kitchen, which opens to the living/dining room. 

The kitchen is defined by a large granite topped island, rounded at one end, with bar seating. The work area is equipped with granite counters, Italian cabinets, a stainless-steel appliance package, including refrigerator, microwave, gas cook-top and oven, dishwasher and undermount stainless-steel sink with designer faucet. Just off the kitchen is a washer/dryer closet with water and gas hookups, gas ventilation and ceramic flooring.    

The large living/dining area measures 16.25 by 11 feet and features access to a 16-foot balcony. The living room showcases an optional gas fireplace. A secondary bedroom—measuring 12.5 by 9.5 feet—is just off the living/dining room and is serviced by a full bath.     

The master bedroom is at the opposite end of the residence for maximum privacy. The large 12-by-15-foot master bedroom has access to the second balcony and features a large walk-in closet and private mosaic-tile shower bath.    

Baths at 1349 S. Wabash feature ceramic-tile surround in tub and shower, designer bath tub and shower with glass shower door, vanity with vessel-style vanity sink, polished edge mirror with over mirror lighting and in-wall medicine cabinet.  

The main entrance to 1349 South Wabash Private Residences will be secured and have a telephone-buzzer system for guest entry on the first floor lobby. Two elevators service all floors. The garage on floors 2 through 4 provides parking for 78 deeded indoor parking spaces. Parking ranges in priced from $33,000 to $36,000. 

Residents at 1349 South Wabash will reside near Lake Michigan, Grant Park and the Central Business District. Attractions in close proximity to the development include the Museum Campus, Soldier Field, McCormick Place convention center, Navy Pier, the main public library and several larger vintage hotels. 

“All of these attractions, in addition to restaurants and grocery stores, are within walking distance of the new development,” Walton said. A new two-level Jewel/Osco store is open at Wabash Avenue and Roosevelt Road.

Residents are also close to great blues and jazz clubs and upscale restaurants. The list of fine restaurants includes: Opera, 1301 S. Wabash, along with such established eateries as Chicago Firehouse, 1401 S. Michigan, Gioco, 1312 S. Wabash, and Hackney’s Printers’ Row, 733 S. Dearborn, Room 12 at 30 E. Roosevelt, South City Tavern at 1530 S. State, Blackie's, 755 S. Clark, as well as Starbucks and Grace O’Malleys on South Michigan Avenue.

Other South Loop nightspots include Buddy Guys Legends, 754 S. Wabash, HotHouse, 31 E. Balbo, Kasey’s Tavern, 701 S. Dearborn and Tantrum, 1023 S. State.

1349 South Wabash is also minutes away from transportation. Major Chicago highways in close proximity include the Dan Ryan, Kennedy, Stevenson, Eisenhower and Lake Shore Drive. The new development also provides easy access to CTA train and bus lines.  

See Y. Wong has developed numerous housing and commercial developments in the Chinatown and Bridgeport neighborhoods over the past 18 years for a predominantly Chinese-American niche market. 

Wong currently is developing the $25-million Canal Crossing condominium development at 2318-2328 S. Canal in Chinatown, which also is being financed by Cathay Bank. The 60-unit condominium development is 80-percent sold, and construction is underway. Remaining units range in price from the low-$200,000 range to the low-$300,000-bracket. 

Wong recently launched pre-construction sales on the $80-million Grand Imperial Hotel, a hotel-condominium development in Chinatown. The 15-story project will expand the traditional boundaries of Chinatown to the east. It also will be financed by the Cathay Bank. 

A new sales center and 1-bedroom model, 1-bath model is scheduled to grand open at 1329 S. Michigan in early June, Wong said. The sales center will display floor plans, building amenities, and upgrade selections. Sales center hours will be from noon to 5 p.m. daily, or by appointment. For more information, call 312-360-1818 or visit www.1349southwabash.com.