Park Development Group, Renaissant Development Group and Construction Consulting Group, the joint venture partners building the 254-unit Vision on State wanted to focus on condos with entry-level pricing in the South Loop. The 19-story condo complex is planned for 13th and State. Prices, which in July 2005 ranged from the $180s to the $280s for brand new construction, have attracted buyers in the increasingly expensive South Loop, according to Michael Golden, of @ Properties, the exclusive sales agent for Vision on State.

Pent-up demand

“There is pent-up demand for affordably priced new construction in the more established neighborhoods around downtown,” Golden said. “While the South Loop was considered up-and-coming a few years ago, today, this is prime real estate.” The condos have one to two bedrooms, one to two baths and 610 to 1,079 square feet. Yes, the emphasis here is on efficiency and competitive pricing, not rambling units, but that’s a winning formula in the South Loop, according to Golden, who says many first-time buyers are more concerned about absolute price that price-per-square-foot in a good location.

Efficient units

The homes will have open kitchen and living-dining room layouts as well as private balconies. Features include granite countertops, GE appliances, 42-inch cabinets and ceramic baths. Many units also have pantries, kitchen islands, linen closets and computer niches. Buyers can upgrade to Jacuzzis, fireplaces and other features, and they can combine two homes for three bedrooms and up to 1,600 square feet of space. Vision on State will have a fitness center, a business center, a hospitality room, a guest suite, individual storage units, a bike room and a 24-hour doorman. The entire building will be set up for "Wi-Fi" wireless Internet access.

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