New Building Review: Streeterville’s The Peshtigo
Not many developers would have the guts to announce plans for a massive luxury condo building in Streeterville when there are a dozen others currently being built within a mile radius, including the Chicago Spire, and when condo sales have taken a nose dive.
But Related is nothing if not ambitious. Related (formerly LR Development) has developed some of Chicago’s most successful condo towers such as Park Tower, The Pearson, and most recently, the wildly successful 340 on the Park. Related is known for quality construction and large units.
The Peshtigo is so named because it is located on Peshtigo Court and Illinois near Navy Pier in Streeterville.
This is not a small building. At 58 stories it will tower over Lake Shore Drive. The Peshtigo is smack in the middle of Streeterville, with Lake Shore Drive on one side and a possible new high rise on the west. Lake Point Tower is to the South. To the North is 530 N. Lake Shore Drive.
Floorplans and Prices
I have to give Related credit for their generous floorplans. They don’t make any 800 square foot one bedroom units. In The Pearson and 340 on the Park, the one bedroom units all have 1.5 baths and are over 1000 square feet (minimum.) At the Peshtigo the one bedroom units range from 1244 to 1301 square feet. There are three tiers of one bedroom units, with two facing west and one facing south/east (which would have lake views).
One bedroom units start at $480,000. This is on the low end. Most will be well into the $500,000-$600,000 range.
There are many two bedroom floorplans. The most intriguing were one floor of duplex units, most of which were already sold. Why don’t more developers build the duplexes? Buyers like them.
The two bedroom units ranged from $700,000-$900,000. The smallest two bedroom was 1477 square feet.
What’s Not to Like?
Some people will like the architecture of this building, some will not. The windows are generous in the units, with some floorplans having windows in bathrooms and the kitchens, both of which are unusual features in most condo buildings.
My problem with it is this:
Beige.
Related is not allowing any individuality in the units. This is a Related “thing.” All of the finishes will be the same (which is what worked in 340 on the Park.) Every kitchen will have the same cabinets, the same countertops, the same appliances. Ditto with the bathrooms.
Here are some renderings of the Peshtigo units:
This building is being marketed as “luxury” and the prices are “luxury” as well.
Then why am I getting GE Profile stainless steel appliances? Why aren’t I getting subzero or viking?
Why isn’t there marble in the bathrooms?
These may seem like minor quibbles, but competitor buildings are all providing this level of finishes. I would expect the Peshtigo to do the same.
In my opinion, the finishes just weren’t up to par. I felt like Related was trying to go the cheap route by providing the same finishes to every single unit. Go to an open house at 340 on the Park one day and visit several units. It gets a bit creepy after you realize they are all the same.
And it was, simply, beige. And boring.
Sales Are Slow
The sales people told me that this building will break ground in spring 2008. I inquired if that meant they would break ground regardless of sales or if they had to reach 50% sales before doing so. The saleswoman laughed at me and said that they would of course meet the sales goal by then (which I’m assuming is 50%).
My visit to the sales center was several weeks after their “grand opening” (and at the time, I was the only person in the sales center in the middle of the day on a weekend). It didn’t appear like there was any buzz with the building. The sales woman told me that they had only sold a “handful” of units. This was several weeks ago. Maybe they’ve sold a handful more since then.
In this market, your product has to be really competitive and exceptional to stand out. There are simply too many new “luxury” buildings.
To me, The Peshtigo just doesn’t stand out.
The sales center is located at Peshtigo and Illinois. There is no model of the units, but they have a kitchen and bathroom that you can look at (that look exactly like the pictures above.)
The Peshtigo, 515 N. Peshtigo Ct [website]
I guess the cost savings from using the same finishes across the board is what allows Related to offer larger condos. For me it’s not worth the tradeoff.
After seeing pictures of the kitchens in 340 on the Park, I was shocked that there were only a couple of wall cabinets in the entire room. Another cost saving move?
Lake Point Tower is to the east. 474 N Lake Shore Drive is to the south.
You’re right Dragonslayer. That is what I meant to say- that Lake Point Tower is to the east and while it doesn’t “block” your views (with Lake Shore Drive in between the two buildings) if you live in the Peshtigo, you’ll still be looking at Lake Point Tower every day (along with your lake views.)