How are the Green Buildings Doing in Chicago?
There are several developers that are playing on the “green building” phenomena to set themselves apart in a crowded downtown condo market. First there was The Emerald in the West Loop, near Greektown.
Recently, a building to announce it was going all “green” was Eco 18 at 1830 S. Wabash in the South Loop. But Eco 18 is going far beyond what The Emerald is marketing. The Emerald is calling itself “eco-friendly” – meaning they are using bamboo flooring, among other “eco” materials, and trying to make it as energy efficient as possible.
Eco 18 will have an 11,000 square foot accessible roof garden and a geothermal heat pump system that will provide over three fourths of the building’s heating and cooling needs. They will also use energy efficient flourescent lighting and other water conservation techniques.
The building got a lot of buzz when it opened several months ago by environmentally savvy buyers. But even with all the publicity, the project is only 25% sold. Their website actually provides a pricing list with what is sold (more developers should put this on their website, by the way) and the probable assessments. The developer believes assessments will be lower due to the cost savings from the “greening” of the building.
Prices range from around $250,000 for the smallest 800 square foot one bedroom units to $615,000 for a 2 bedroom, 2 bath plus den unit with 1583 square feet. Parking is $29,900 but they are running a “pre-construction special” of $18,900.
The Emerald has two buildings and sold many in the first. They have been offering “incentives” for many months, including $5,000 in upgrades upon signing and requiring only a 5% deposit. The Emerald’s prices range from $273,000 for one bedroom units to $526,000 for two bedrooms. Parking is $35,000.
Quite a few desperate developers are greenwashing their buildings to attract naive buyers. Be careful. Take a look at some of those buildings being touted as green. They have 70% or more glazing area on the exterior walls and have projecting concrete balconies that act just like the fins on a Harley engine to dissipate heat. Only this is the heat your paying for and your using it to heat the atmosphere outside your condo. I hope it doesn’t sour buyers on buying truly green properties. The Chicago Center for Green Technology on Sacramento Ave. has free classes that can help consumers educate themselves.