The four-bedroom, approximately 5,700 square foot condominium on the 91st floor of the Wacker Drive building sold on June 10. The buyers’ agent, Laura England of Compass, confirmed that the buyers had purchased raw space. Their expected cost to complete it is not known, but at 5,700 square feet, it will likely run into several million plus the price of acquiring the space.
England declined to identify the buyers, but confirmed they put the condominium under contract in September 2016. She said finishing the condo into living space would be complete by the end of 2023 or possibly in 2024.
That was long before the downturns associated with the withdrawal of developer Magellan’s Chinese partner, Dalian Wanda Group, from its investment and planned hotel presence in the tower. Reports that Magellan would lose Dalian Wanda first surfaced in 2017, but it wasn’t until 2020 that the exit was completed, with Magellan buying out the Chinese partner for $270 million.
Magellan initially lined up hotel company St. Regis and restaurant group Alinea to take Wanda’s place, but last month Crain’s reported that the hotel’s opening had been delayed again, and another group of restaurants, Lettuce Entertain You, will develop the places to eat. .
These delays are significant to buyers of the tower, as it was initially billed as an amenity-rich location with dazzling hotel services available to condo residents.
“It’s been a very long project, of course,” England said, “but I think the fact that it’s such a rare piece of real estate in Chicago, that hasn’t changed” for its buyers. , who remained committed to buying into the tower throughout the delay.
The condo is the fifth at the St. Regis to close for $6 million or more, according to Crain’s market monitor. There may be others that have quietly closed, without being listed in the real estate advertisements.
Yet the only unit above it is unsold in the building, a duplex on floors 92 and 93 priced at $18.5 million. The developer has three units marked “pending sale” at prices above the $9.2 million sale: a 90th-floor unit priced at just over $10 million, an 81st-floor unit at about $10.1 million and a 71st-floor unit priced at $18.5. million. The latter is almost twice as tall as the others, as it sits in two of the three set back towers of St. Regis.
The developer also has three units listed for sale at prices between $9.35 million and $10.8 million.