New Building Review: The Lofts At River East Arts Center
You would think that an authentic loft conversion in Streeterville that is on a mini-branch of the River would be Hot, Hot, Hot.
The Lofts at River East Arts Center at 445 East Illinois is at the heart of Streeterville. On one corner of the building is the Fox & Obel gourmet grocery store and on the first floor there are art galleries.
It is a brick and timber building that was being used as offices.
It could be cool, except it’s not.
I hate to say it, but this conversion is a bust.
As you can see from this picture of the building, MCL Companies, the developer, is going to bust out the historic windows in order to make interior terraces. But it is the historic windows that make the units cool to begin with.
If you see the model in the sales center, the wall with the windows is the nice old brick (just what you’d want in a loft.) Unfortunately, by busting out the windows and making interior terraces, as per the picture above, you will lose that wall of brick.
On the side with the river, they are not constrained by any historic pretense and will be hanging balconies off the side of the building. The way the drawings are portrayed, the developer will be knocking out most of that brick wall as well in order to add in the big sliding glass door out to the balcony.
Watch Out For Timber Ceilings
The timber ceilings are nice. I asked whether or not they will be re-insulated (as anyone who has lived in a timber loft knows of the noise problem if there is no insulation added.) The sales agent told me the developer was converting them “as is.”
Buyer beware.
Prices Are High Even For Streeterville
The price points for the smllaest one bedroom are $434,600. This is with a bedroom with no windows (the kind that is behind the kitchen.)
The two bedrooms, which were about 1150 square feet, were starting at $578,600. Parking was available in a building next door for $50,000 per spot.
Unfortunately, another negative were the assessments. They were extremely high due to the age of the building. Ask anyone living in one of the old brick warehouses- they are expensive to maintain. The two bedroom units had assessments starting around $800 a month. The one bedroom units were $500 to $600 a month.
Sales Are Slow
When I was at the sales center a few weeks ago, there were only a handful of units sold. Again, the price points were just too expensive (even for the already expensive Streeterville neighborhood.)
For the price of a one bedroom, I can buy a two bedroom loft with the brick a few blocks away in also trendy and hip River North. And the assessments would be less.
The developer was going to try and add “new” units to the top of the building. The rendering of the building (above) does not show these units. I know the neighborhood association and the preservationists were against the addition on top of the historic building.
That is at least positive.
In my opinion, prices will have to come way down for these units to have any chance of selling.
The Lofts at River East Arts Center [website]