Loft Living South of the Stevenson Part II: The Opera Lofts
Recently, I chattered about a loft building that is south of the Stevenson Expressway at 50 E. 26th Street and some people wondered who would live that far south.
Just about a block away is the new loft conversion, The Opera Lofts, at 2545 S. Dearborn.
The building is the old storage facility for the Chicago Opera (hence the name.) It is a nice brick building, with some ceilings up to 30 feet tall. The developer is trying to keep some of the natural features of the building, which is rare in loft conversions these days.
The north side of the building, with the largest units, is right on the Stevenson Expressway however.
The building has been selling since last summer. It still has a mix of units available and there are “incentives”.
You can get a 1050 square foot 1 bedroom for $249,900. Parking is $22,500.
Here are some pictures of the one of the bedroom units (not necessarily the 1050 square foot unit):
The building has 93 units. As of September 2007, 26 had sold.
There are a variety of units available such as:
2 bedrooms, 2 baths, 1,135 square feet: from $269,900
2 bedrooms, 2 baths, 1,842 square feet: from $529,900
The Opera Lofts [website]
O.K., someone help me out. I am new to Chicago and I cannot figure out the area where these lofts are. Does this neighborhood have good restaurants and shops? Is it safe? I have a co-worker that just bought a 2bd loft in Andersonville for 290,000. If I wanted to move further out from the center of the city, I would rather go towards Andersonville (where there are good shops and restaurants) instead of going this far south. I don’t care if the 2bd’s were 4,000 sq. ft., I would not spend 500,000 down there.
This is still, bascially, urban pioneer land. It’s basically got the freeway on two sides. It’s not a neighborhood–and I wouldn’t have bet on it becoming one for 5-ish years, even if the building boom continued. With the slump, the two best bets for anything “close” by is if the redevelopment of Lake Meadows Apartments actually happens or if the Olympic village actually gets built. Even if that happens, this property will still be tucked off in a corner–which can be a good thing.
Also, the Ickes Homes, directly across the freeway, do not yet have a re-hab/re-construction plan and are being used for transition housing b/t other projects being re-habbed or “re-built”–so they have less of an established order than most projects.
Before you write off opera lofts, take a trip down there and see what they have to offer. When I first saw them, I said HELL NO! However, when I saw the units, I really like them and I would consider buying one of them notwithstanding the location. Not everyone will appreciate these lofts.
Thanks SouthLoop. Wise advice.
I’ve actually been to the sales center. There is nothing within walking distance. If you like to drive everywhere, then it’s the place for you.
But I agree, that the lofts themselves are pretty nice. Lots of great brick and some interesting layouts (duplexes etc.)
The problem is the price at that location.
I have been looking all over Chicago for almost a year. Though I agree that the area is still coming up (and seems like it will be stronger when the new hotel opens across the street), I have to admit to being STUNNED by the slab marble floor in the master baths and some of the other finishes. I haven’t seen anything come close in any other area I’ve been to, atleast not for lofts. I’m super-picky and yet I can only fault them for not having more smaller units. But that’s what you are looking for on the south side – more S P A C E. Overall, I was really surprised. Cool project.