May 21, 2008

$10,000 Sales Incentive:
35-STORY LEXINGTON PARK CONSTRUCTION MOVING QUICKLY IN SOUTH LOOP

By DeBat Media Services

CHICAGO—Construction and sales are moving ahead at a fast pace at Lexington Park Condominiums, an innovative 35-story new-construction high-rise condominium and loft development on the northeast corner of Michigan Avenue and Cermak Road in the South Loop.

The high-rise features 297 residential units and the 7-story low-rise addition showcases 36 loft—style units. The two buildings are connected by a landscaped roof deck and parking.

Sales have surpassed the 50-percent mark at Lexington Park, said Britta Rivera, vice president of U.S. Sales for Chieftain Group, the developer. During the grand opening on Phase II at Lexington Park the developer is offering a $10,000 incentive toward price of home or upgrades."

"Lexington Park Condominiums' architect, VOA Architects, designed the award-winning contemporary glass and aluminum high-rise and the interconnected 7-story loft addition with floor-to-ceiling windows to maximize nature light," said Sean O'Sullivan, chief operations officer and director of Ireland-based Chieftain Group.

"Modern architectural design both inside and out and the spectacular views of the Lake Michigan lakefront and city are driving strong sales at Lexington Park," said Rivera.

"Lakefront views are almost guaranteed for most buyers at Lexington Park because of the development's floor-to-ceiling windows which overlook the McCormick Place Conference Center to the east and south," noted O'Sullivan.

"A variety of buyers seeking an urban lifestyle close to work, shopping, transportation, the lakefront and parks are driving sales," O'Sullivan said. "There also has been strong demand from suburban empty-nesters seeking a pied-a-terre downtown."

An on-site sales center and a professionally furnished one-bedroom-plus-bonus-room model is located at 2138 S. Indiana. Prices range from $227,900 for the most affordable 1-bedroom unit to $727,900 for the top-of-the-line 3-bedroom penthouse.

"Buyers may choose from a great variety of lofts and condominiums and reserve a home with a 5-percent earnest money deposit, along with a 5-percent promissory note," Rivera said.

She said buyers seeking quick occupancy should tour the model and review plans this spring for a wonderful selection of 1-bedroom loft units, which are expected to deliver in late 2008 in the 7-story building. Initial occupancy in the high-rise is scheduled for spring of 2009.

Work is progressing quickly on the tower section of the high-rise, with structural steel and glass curtain walls already rising to the 14th floor and window installation underway on the lower floors, according to Kenny Construction Co., the general contactor.

"Unlike many of its surrounding structures, Lexington Park's facade will feature a curtain-wall type system comprising aluminum and glass rather than exposed concrete," stressed O'Sullivan. "The individual units are designed with floor-to-ceiling windows and open floor plans to maximize interior space and natural light."

Buyers may choose from a selection of floor plans—1-bedroom, 1-bedroom-plus den or bonus room, and 2-bedroom and 2-bedroom-plus den layouts with 1 or 2 baths.

Lofts feature 728 to 1,212 square feet of space and range in price from $250,900 to $365,900. Tower residences showcase 656 to 1,346 square feet and range in price from $327,900 to $417,900.

Penthouses on floors 32 through 34 feature 1-bedroom-plus den and 1 bath, 2-bedroom-plus den and 2 baths and 3 bedrooms and 2 baths. Penthouse feature 1,068 to 1,645 square feet of space.

The development features an abundance of amenities including: 18,000 square feet of ground-floor retail space, a 640-square-foot fitness center, a 1,300-square-foot party room with gourmet kitchen and a landscaped deck encompassing 15,000 square feet, plus a 1,000-square-foot grilling area and a dog run. There also are 369 heated garage parking spaces. Parking is optional at $34,900.

Another attraction of Lexington Park Condominiums is its upcoming Leadership in Energy & Environmental Design (LEED) designation. "Lexington Park will be the first LEED-certified condominium in the South Loop neighborhood of Chicago," said O'Sullivan.

"As a LEED building, Lexington Park will also showcase a 6th floor green roof terrace featuring native plantings that is accessible by all residents of the development," O'Sullivan said. Tower residences on the 6th floor also feature large private patios, and all units feature balconies.

Materials used throughout the building have low volatile organic composition to reduce the harmful effects of chemical off-gassing. Trash will be recycled easily using a new turn-style switch trash shoot. Also, materials will contain high recycled content.

Day lighting throughout the building will give the occupants a direct connection between the outdoor environment and the indoor living spaces, also reducing the need for electrical lighting throughout most of the day. Lastly, highly efficient HVAC systems will give all occupants lower energy usage.

The site of Lexington Park features environmental highlights such as public transportation access, bicycle storage and changing rooms with bicycle paths along Wabash Avenue and Roosevelt Street to the north.

The tower residences include 9-foot ceilings, while the lofts have ceiling heights of 10'7". Both feature bamboo flooring, granite kitchen countertops and stainless steel appliances. All of the master baths have marble throughout.

Some of the other amenities included are kitchens with 42-inch contemporary cabinetry and upgraded Moen faucet fixtures with under mount sink; master baths with Carrara marble on vanity countertops, flooring and shower wall and tubs; bamboo flooring and carpeting in bedrooms.

One of the popular loft floor plans is Loft Residence L3, a 1-bedroom unit with 1 bath with 728 square feet of living space. The corner entry into the unit opens to a long hallway. To the left is the entrance to a 12-by-10.5-foot bedroom with a walk-in closet. The hallway also has access to the full bath with tub/shower area, vanity and toilet. A laundry center and utility closet also is in the hall.

The hallway opens to a great room where the L-shaped kitchen and living/dining area are all one, measuring 20 by 20 feet. A private balcony opens off the living room.

One of the best-selling high-rise floor plans is Tower Residence 06, a corner unit with 2 bedrooms, 2 baths, den and 1,346 square feet of living space.

Entry into the condo reveals a small foyer. Immediate to the right is the 11-by-9-foot kitchen. To the left is a laundry area. Ahead is access to a 12-by-11-foot bedroom and a 12.5 -by-10-foot den. Around the corner is a huge living/dining area measuring 14.2-by-26.5-feet. This great space has access to a large 8-foot-long balcony.

The living/dining area has a corner entrance to the 12-by-12-foot master bedroom. The room has a pair of closets flanking the entry to the master bath, which has dual vanities, shower area and tub.

The lofts and tower condominiums feature natural bamboo hardwood flooring in main living areas and carpeting in bedrooms.

Kitchens are equipped with Frigidaire stainless-steel appliances, including refrigerator/freezer, dishwasher, gas range, and microwave oven. Granite counters and island (per plan) are standard, along with 42-inch upper cabinets, and in-home washer/dryer hook-up.

Other building amenities include a 24-hour doorman and bicycle racks and storage lockers. Monthly condominium assessments range from $233 to $674.

"No other neighborhood offers the convenience of living so close to downtown offices along with access to the lakefront and world-class cultural institutions," Rivera said.

"Living at Lexington Park means morning jogs along the lake, or evening strolls as the boats dock in Burnham Harbor," she said. "The ever-changing attractions of the Museum Campus are close by, as are the beach and beautiful nature paths of Northerly Island."

Another attraction is the fabulous restaurant scene in the South Loop and Printers Row, and Little Italy and Chinatown are just minutes away. Shopping is extraordinarily convenient, including such major shopping venues such as Jewel, Home Depot and Target.

"Although Lexington Park features five levels of secured parking, our convenient Michigan Avenue location can provide a car-free urban lifestyle if you so choose," Rivera said. "Cabs are plentiful, and CTA trains and buses can deliver you to the Loop in minutes."

Public transportation options include nearby Metra and Amtrak stations as well as stations for the CTA's Red and Orange lines. Access to Lake Shore Drive, Interstates 90/94 and Interstate 55 are nearby.

Since its inception in 1992, Chieftain Construction has built its reputation upon delivering quality developments in dynamic locations worldwide, including Europe, Africa and North America.

In addition to Lexington Park, the company's current projects include a $100-million luxury hotel and apartment complex in the heart of Liverpool, England and several residential housing developments in South Africa.

The Lexington Park sales center and model located at 2138 S. Indiana Ave. Sales center hours are 11 a.m. to 6 p.m. Monday through Wednesday and 11 a.m. to 5 p.m. on Saturday and Sunday. For more information, please call 312-842-2202 or visit www.lexingtonparkcondos.com.