Buyers looking for a top location that is still affordably priced should look at Burnham Pointe in the Printer’s Row neighborhood of the South Loop, according to developer Terrapin Properties.

The 30-story development, on the northwest corner of Clark and Polk streets is offering one to three-bedroom units priced from the $200s to $300s, which Michael Ezgur, a principal at Terrapin, says compares favorably to condo price tags in other more established downtown areas like the Gold Coast and Streeterville.

South Loop boom

The South Loop was the most active condo market in the first half of 2005, accounting for 37 percent of sales, according to analyst Appraisal Research Counselors. But while the median condo price is inching up, it stood at $320,000 as of September 2005.

Ezgur says Burnham Pointe’s proximity to downtown, the Museum Campus, Grant Park, Soldier Field and Lake Michigan make it an attractive prospect for “buyers looking for value and a nice environment.”

With sales set to open shortly after Thanksgiving 2005, Ezgur said he expected to see move-up buyers, and a good percentage of empty nesters – “baby boomers looking for a place in city who don’t necessarily want to make the commitment to live on Michigan Avenue and Lake Shore Drive,” says Ezgur who lives in the suburbs but plans to buy an in-town residence at Burnham Pointe.

“Printer’s Row is a cool, up-and-coming subset of the South Loop,” he adds.

There is stiff competition in the South Loop highrise market as of November 2005, with some 16 developments underway, but Ezgur isn't deterred.

Value for money

“Our amenities will definitely distinguish us, and we think we have a better site,” Ezgur says, referring to the unimpeded lake views from the development's upper floors.

Ezgur says Burnham Pointe offers many high-end finishes so buyers won’t feel obliged to upgrade themselves, although he adds that if buyers have the urge to make changes, Terapin has a “wide variety of fixtures and granites” to choose from and will also consider combining units.

A community, not just a condo

Apart from quality finishes, Burnham Pointe also offers “significant amenities”, inspired by the five-star amenities on offer at the Grand Plaza Hotel, which Terrapin is currently converting into the condo development, The Residences at Grand Plaza. These include a wave-resistant pool, a health club and a business center.

“We create a community as opposed to just a home; a condo in the sky,” he added.

By that, Ezgur is also referring to the more than 17,000-square-feet of retail and retail parking space included in the development. A lack of retail development in the slowly emerging South Loop neighborhood is a frequent source of complaints among residents, while would-be retailers sometimes cite lack of parking as a deterrent to doing business in the area.

Ezgur envisages “lifestyle retailing” such as a high-end food market, drug store, video store and book-store but the company has not yet begun marketing the commercial real estate.

In November 2005, Terrapin planned to break ground on Burnham Pointe in the summer of 2006, with first occupancy scheduled for early spring of 2008.

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