The 45-story apartment tower at 400 N LaSalle Dr housed renters for only about a year and a half before developer DK/Equity, a joint venture of Draper and Kramer and Equity Marketing Services, bought it for conversion to condominiums.

The building required minimal renovation for the transformation to condominiums, according to Cheryl Bancroft, a partner in DK/Equity, because the highrise is a comparatively young, high-end property. Tom Humes, executive vice president of the building’s architects, Solomon Cordwell Buenz and Associates, agrees.

“I think that it was really designed as a superior residential building and is very suitable for condo conversion just the way it is,” Humes said.

High-end rentals

As rentals, the 452 apartments already had washers and dryers, balconies, Phantom Screens, granite countertops, GE appliances and tile walls in the bathrooms. The developer, however, decided to do some updating – adding hardwood floors in living areas, new carpeting in bedrooms and fresh paint. Buyers also can upgrade things like cabinets, counters and flooring.

The building was designed with the sorts of features you’d expect in a River North highrise – an outdoor pool, a Whirlpool, a landscaped sundeck, a fitness center, a party room with a kitchen, 24-hour door and maintenance staff and enclosed parking, priced from $45,000 to $50,000 per spot.

Design maximizes views

As of July 2005, remaining homes at 400 N LaSalle Dr were priced from the $180s to the $590s. They have one to 2.5 baths and include a mix of studios, one-bedrooms and two-bedrooms, some of which have dens. The tower makes the most of its River North location, according to Humes, with eight corner units per floor and a setback that allows for a landscaped entrance with fountains.

“It’s a very lovely way to enter a building and unique for an urban environment,” Humes said.

Why did the tower’s developers and previous owners, the Habitat Company and Merchandise Mart Properties, sell it so soon after completion?

“We continued to get interest from condo converters and unsolicited offers,” said John Hinde, vice president and property supervisor at the Habitat Company. “So we hired a broker to put it on the market and see what people were willing to pay.”

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