Buy in a Daniel Burnham Building for Under $300,000: 801 S. Wells in the South Loop
This 2-bedroom loft in the Paper Place Lofts at 801 S. Wells in the South Loop came on the market in July 2015.
The Paper Place Lofts were designed by Daniel Burnham in 1915. The building was originally a general office building and supported the businesses using the Central State train depot.
It’s now 108 concrete lofts.
Many of the original features of the building remain including high barrel vaulted terra cotta ceilings although many of the units have painted over the tiles, as this unit has.
This loft also has exposed brick and a wall of west facing windows and one south facing window.
Apparently, there will be development just to the south of this building in a midrise building. This unit is on the 7th floor.
The kitchen has modern wood cabinets, black appliances and a stainless steel kitchen island.
The listing says the kitchen has been “reconfigured” and has stone floors and a separate shower.
The second bedroom has slate floors but no windows.
The loft has the features buyers look for including central air and washer/dryer in the unit but there’s no parking with the building. There is apparently rental available in the neighborhood.
Since July, this loft has been reduced $16,000 to $299,000.
With two huge development projects expected to move forward literally almost across the street from this unit, is this the time to get into this exploding neighborhood before the prices skyrocket?
Edward Jelinek at @Properties has the listing. See the pictures here.
Unit #701: 2 bedrooms, 1 bath, no square footage listed
- Sold in April 1997 for $158,500
- Sold in June 2004 for $285,000
- Originally listed in July 2015 for $315,000
- Reduced
- Currently listed for $299,000
- Assessments of $491 a month (includes cable, water, exercise room, exterior maintenance, snow removal and scavenger)
- Taxes of $2937
- Central Air
- Washer/Dryer in the unit
- No parking with the building
- Bedroom #1: 17×10
- Bedroom #2: 15×15
“The listing says the kitchen has been “reconfigured” and has stone floors and a separate shower.” Is this a new thing? Easy access to the coffee maker while getting ready in the morning?
Was looking to rent in this building years ago…the layout of the unit was weird, definitely not for everyone. Very low taxes on this one.
Beautiful building with great Architecture but cost of the building is too high.
Yes the 01 tier has a different layout. The 2nd bedroom is tucked way in the back. This unit is identical to 401 that is also listed. This unit looks to be updated nicely; looks like they added a separate shower in the bathroom. Great location.