July 21, 2008

A Transit-Oriented Development:
TOWER RESIDENCE MODEL OPEN FOR VIEWING AT LEXINGTON PARK IN SOUTH LOOP

By DeBat Media Services

CHICAGO—It’s easy to envision a morning bike ride or an evening jog or stroll along the lake with boats bobbing in Burnham Harbor and beautiful nature paths of Northerly Island nearby.

That healthy, green lifestyle is part of the lure of Lexington Park Condominiums, an innovative, new 35-story high-rise condominium and loft development now under construction on the northeast corner of Michigan Avenue and Cermak Road in the South Loop.

Lexington Park is in line to become one of the first LEED-certified condominiums in the South Loop, according to the Chieftain Group, the developers.

“Lexington Park is designed to be certified by the United States Green Building Council as a Leadership in Energy and Environmental Design (LEED) project,” noted developer Sean O’Sullivan, chief operations officer and director of Ireland-based Chieftain Group.

And, part of that designation includes such green, sports-minded amenities as ample bicycle storage spaces, changing rooms and powder rooms to refresh tired bikers in both the loft and high-rise phases at Lexington Park.

“With stacked bike spaces set aside for up to 20 percent of our condominium owners, Lexington Park will earn LEED points for its above average biking facilities, said Britta Rivera, vice president of Chieftain Group.

“Many new condominium buyers at Lexington Park are embracing the green-living concept,” Rivera noted. “Lexington Park is so green we are attracting condo buyers who do not own cars.”

About 5 percent of the buyers have opted to take a pass on buying an automobile parking space because they plan to bike to work in the Loop or commute via public transportation, she said.

“With gasoline prices at record highs, some buyers are talking about selling their cars and biking or walking to work, or riding the CTA,” Rivera said.

“We are about two blocks east of the CTA Red line,” Rivera said. The McCormick Place, located a block from Lexington Park, has a Metra commuter rail stop. We also have a bus stop in front of both the loft and high-rise buildings.”

For buyers who plan to drive and need to purchase a parking space, Rivera said there are some very attractive incentives. Parking for loft units is currently priced at $17,450—half off the regular price of $34,900.

In August, during the heart of the vacation season, the developers are planning to introduce a special gas incentive—one year’s free gasoline. The incentive is worth $5,000.

Demand for green buildings is on the rise due in part to the popular 2006 documentary—“An Inconvenient Truth”—featuring environmentalist Al Gore, analysts say. The film profiled the need for energy conservation by all people in order to slow down global warming.

The Lexington Park 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.

“As a LEED building, Lexington Park will showcase a 6th floor 15,000-square-foot green roof terrace featuring native plantings that is accessible by all residents of the development,” noted O’Sullivan.

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. In addition, highly efficient HVAC systems will give all occupants lower energy usage.

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

Sales have surpassed the 50-percent mark and construction is moving at a fast pace at Lexington Park, said Rivera. “For a limited time a $10,000 incentive is being offered to be used toward the purchase price or upgrades,” she said.

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 at Lexington Park feature 728 to 1,212 square feet of space and range in price from $250,900 to $375,900. Tower residences showcase 656 to 1,346 square feet of space and range in price from $239,900 to $551,900. 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 living area ranges from 1,068 to 1,645 square feet. Penthouses range from $488,900 to $727,900.

The development features an abundance of amenities including: 18,000 square feet of ground-floor retail space, a 640-square-foot fitness center, and a 1,300-square-foot party room with gourmet kitchen. There are 363 heated garage parking spaces.

A full-scale model of Tower Residence Plan 02 recently opened for viewing at Lexington Park. The professionally-decorated Tower Residence model is located at 2138 S. Indiana and showcases a 1-bedroom, 1-bath residence with bonus room includes 898 square feet of living space.

“This popular residence features a bonus room, as well as an impressive island kitchen which opens to a living/dining room with access to a balcony and a dramatic city view through floor-to-ceiling windows,” said Britta Rivera, vice president of U.S. Sales for Chieftain Group, the developer.

The home also features a spacious master bedroom with large walk-in closet and dramatic city views.

The condominium is priced at $289,900, including the limited-time $10,000 price incentive to celebrate the opening of Phase II.

“Buyers from the city and suburbs seeking an urban lifestyle close to work, shopping, transportation, the lakefront and parks are driving sales,” Rivera said. “There also has been strong demand from suburban empty-nesters seeking a pied-a-terre downtown.”

“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 summer 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.

“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.

“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 O’Sullivan.

Work is progressing quickly on the tower section of the high-rise, with structural steel and glass curtain walls already rising to the 21st floor and window installation underway up to the 15th floor, 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,” he said.

The tower residences include 9-foot ceilings, while the lofts have ceiling heights of 10 feet 7 inches. 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.

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 door man 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.

“The ever-changing attractions of the Museum Campus are close by, as are Lake Michigan, 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.