New 27-storey tower planned at 160 E. Illinois

Downtown condo market lures suburban builder November 30, 2004 BY DAVID ROEDER Business Reporter Advertisement Catching downtown condominium fever, a suburban homebuilder is planning a new high-rise just off Michigan Avenue. Residential Homes of America Inc. has gained control of a five-story office building at 160 E. Illinois. The Lake Bluff-based company plans to replace it with a 27-story tower that includes parking and about 10,000 square feet of retail space. The site is immediately east of the InterContinental Hotel, 505 N. Michigan, and is bracketed by such landmarks as Tribune Tower and the Wrigley Building. Ann Danner, president of Residential Homes, said the building will pick up design cues from its Art Deco-style neighbors while presenting a mostly glass facade on its eastern exposure. She said the project, called Avenue East, conforms to the property's current zoning limitations. Some of the 133 units will be priced at more than $1 million, but Danner said the homes will start at about $250,000. She said the range puts the building in a moderate price level for a location steps from the Magnificent Mile. The design, by the firms OWP/P and Built Form Architecture, includes a landscaped roof and terraces, recessed balconies and a fitness center. Danner said demolition is expected to begin around year-end. The start of construction will depend on unit sales. Danner would not disclose the sales thresholds needed for construction financing, but said a sales center will open in late February at 160 E. Grand. Partners in the venture include Equibase Capital Group LLC. Property records show Bank of Commerce issued a $6 million loan for the project. Chicago developer Mark Goodman retains a small stake in the venture. A Goodman-led venture had earlier designs on the property but couldn't secure financing. Danner said the project is the firm's first downtown high-rise. Over the last 15 years, it has concentrated on homes in the north and northwest suburbs.>