Should You Buy Into Riverline Now? A 2-Bedroom in 701 S. Wells in the South Loop

701 s wells

This 2-bedroom in Wells Street Tower at 701 S. Wells in the South Loop came on the market in August 2015.

It’s a north east corner unit but because of the north views you can also see to the west.

In one of the pictures in the listing that shows the Sears Tower, you can clearly see the empty piece of land that sits to the west of Wells Street Tower next to the river.

This area is now being called Riverline, and big plans have just been approved by the Chicago Planning Commission for this land.

From DNA Info (complete with pictures- be sure to check  it out):

Riverline, a joint venture between Chicago-based CMK Cos. and Sydney-based construction titan Lendlease, is composed of eight buildings containing more than 3,600 homes. The mega project at the southwest corner of Harrison and Wells streets would circle a three-acre park and also include a public riverwalk, water taxi stop and some retail.

The eight-to-10 year project would also be built in phases, and contribute $8.7 million to the city’s affordable housing fund in lieu of including affordable housing units. Like Wanda Vista, Riverline also requires final city council approval.

It sounds like this part of the South Loop could get really hot, really fast.

This unit has hardwood floors in the main living area.

The bedrooms are split and the master bedroom has its own bathroom.

The kitchen has wood cabinets, stainless steel appliances and granite counter tops.

It has central air, washer/dryer in the unit and garage parking for $25,000.

Is now the time to get in before the prices in the neighborhood really take off?

(And, by the way, that picture I have of this building up top is really going to change when they build a half a dozen high rises on that empty land.)

Hilary Pender at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #2601: 2 bedrooms, 2 baths, 1263 square feet

  • Sold in March 2003 for $399,000 (included the parking)
  • Originally listed in August 2015 for $370,000
  • Reduced
  • Currently listed for $360,000 (parking is $25,000 extra)
  • Assessments of $760 a month (includes water, heat, a/c, gas, doorman, cable, exterior maintenance, lawn care, scavenger, snow removal and internet)
  • Taxes of $4861
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 13×13
  • Bedroom #2: 12×12

 

11 Responses to “Should You Buy Into Riverline Now? A 2-Bedroom in 701 S. Wells in the South Loop”

  1. “(And, by the way, that picture I have of this building up top is really going to change when they build a half a dozen high rises on that empty land.)”

    Hopefully they decide to build them plumb

    Not having a door into the Master is a nice touch

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  2. “Hopefully they decide to build them plumb”

    The article has pictures of the renderings. Of course, that could change. I don’t think the alderman has signed off on it yet.

    I read in one of the articles that some in the neighborhood actually want these buildings to be taller. They want MORE density. It could easily support 50 to 60 story buildings at this location and it wouldn’t look out of place with the surrounding skyline.

    That size of a building, however, would dwarf both Wells Street Tower and the Vetro.

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  3. that shower next to the tub setup is so strange, never seen that before
    but overall quite the cookie cutter snoozer

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  4. Looks great. Too bad they can’t build on Goose Island similarly (due to PMD).

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  5. “that shower next to the tub setup is so strange, never seen that before”

    I’ve seen it a few other places around Chicago.

    It’s a (probably unintentional) budget/simple version of a Japanese bath.

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  6. I was going to comment on the bathroom. I’ve seen that set up being used a lot and I absolutely hate it.

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  7. pretty impractical… you’re just going to get your tub all dirty even though you aren’t using it, because lets be honest who has time to take baths every day

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  8. 10 E Delaware has the kooky setup in the 1 bedrooms. You take a shower and the tub gets wet.

    So does 550 St. Clair

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  9. not a fan of the bathroom set up, especially with a framed shower and cheap fiberglass shower pan. it looks a little better with a more modern aesthetic and better use of materials like at 550 st clair. (pic 7)

    https://www.redfin.com/IL/Chicago/550-N-Saint-Clair-St-60611/unit-1004/home/45508386

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  10. oh that one in 550 st clair has the ever so useless half glass with no door developer shortcut

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  11. Closed for $375,500

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