Streeterville residents and tenants of this highrise at 222 E Pearson have waited a long time for the rental building, constructed in 1964, to go condo, according to sales agent Jim Luby.

Even though the grand opening is not until early January 2006, in November 2005, Luby’s company Koenig and Strey GMAC Real Estate had negotiated contracts on 55 of the 219 one to three-bedroom units, with prices ranging from the $190s to the $590s, he says.

“We’ve had interest from people living in the area for a long time, residents or workers at [nearby] Northwestern [Memorial] Hospital or Loyola University,” Luby says of prospective buyers into the 27-story building, adding that first-home owners and empty nesters were also part of the mix so far.

Some current renters are opting to buy their units "as is," while others are choosing to have them remodeled, with first occupancy on the remodeled units starting as early as February 2006, Luby said in November 2005.

Features

What can buyers expect of the rehabilitated residential highrise?

Luby says interior finishes will include hardwood floors, beautiful tile work and stainless steel kitchen and bathroom appliances, one-inch granite countertops in the kitchen with four-inch backsplash and square-polished edge, and designer satin nickel faucet with pull-out sprayer head, as well as washer and dryer hook-ups.

The bathrooms will include vanity base cabinets with natural finish, cultured marble vanity tops with built-in sink, a choice of marble floor tile, refinished bathtub, new porcelain commode and satin nickel sink faucet.

The beautification process

As with any older building that has been converted to a condo, there are some restrictions on construction. The ceiling heights remain the same (Luby wasn’t sure of the height), although the development will boast new, more generously sized windows.

The plumbing in the units will be new, but the building’s overall heating and water system will remain the same because developer Hawthorne Development Corp., had received engineering reports, saying that no upgrade was needed, Luby says.

Amenities

Parts of the building that will receive a makeover include the lobby, which the developer says will be “spectacular” with natural stone floors, premium wood and designer appointments, and include the services of a 24-hour doorman.

The existing fitness room will receive updated equipment, the current party room will be redesigned and the elevators renovated, Luby says.

New features also include pre-wired phone and cable jacks and white vinyl-clad wire closet shelving.

Hot Streeterville

But the strongest selling point of the project is its location, smack-bang in Streeterville, a hot highrise market, Luby says.

Balconies are a feature on four floors, and a rooftop sundeck allows residents to make the most of the sweeping vistas of Lake Michigan, Navy Pier and the city skyline.

“It’s hard to find a building in Streeterville that gives you access to a park across the street,” Luby adds, referring to nearby Lake Shore Park. Other local hotspots include the Magnificent Mile shopping district, the Museum of Contemporary Art, Water Tower Place, the Drury Lane Theater and John Hancock Center.