We Love Duplex Lofts With Rooftop Decks: 360 W. Illinois In River North
This 2-bedroom authentic loft in The Sexton at 360 W. Illinois in River North came on the market in September 2012.
It has high timber ceilings, exposed brick and large industrial windows.
The duplex unit has one bedroom on the main level and the second bedroom on the second level, along with a private terrace.
It looks like this unit still has the original kitchen from when these were converted, with black appliances and “corian-like” counter tops.
The unit faces north so you aren’t looking into the new apartment high rise that is going up across from the building and the East Bank Club.
The loft has all the other features buyers look for including central air, washer/dryer in the unit and garage parking.
These duplex-up top floor units have been popular in this building but this unit has been reduced $26,000 in the last month.
With inventory almost non-existant, will this loft sell for over $500,000?
Barbara Sapstein at Baird & Warner has the listing. See the pictures here.
Unit #626: 2 bedrooms, 2 baths, no square footage listed, duplex
- Sold in February 2000 for $320,000
- Originally listed in September 2012 for $575,000
- Reduced
- Currently listed for $549,000 (parking included)
- Assessments of $675 a month (includes doorman)
- Taxes of $5753
- Chandelier excluded
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 22×13 (second floor)
- Bedroom #2: 11×12 (main floor)
These are always popular but it needs 50-75K in basic updates….
Nice view of our condo in the next to last picture. Great neighborhood.
I don’t think the furnishings quite go with the unit and make it a little hard to imagine what it could be like. Even though the chandelier and thier furniture will be gone, you’ll still be stuck with that very blah kitchen. Nice to be top floor and nice location but this one just doesn’t seem all that special.
River North and the rental market are hot. I would be wary of a north facing unit here because it overlooks that parking lot which could be turned into a high rise that would destroy the value of this unit. The building and location are nice but that price is too high even if it was already upgraded.
The lot directly north of this building across the alley is screaming to be redeveloped. The building is currently empty. The buyer would be taking a huge risk of having view blocked at some point. At the very least, some due diligence needs to be done on the zoning of that empty lot or what future plans might have already been proposed.
This unit’s view wouldn’t be totally blocked, its nearly next to the 12 story tower and overlooks the clark and barlow hardware store (the smaller western portion of it)
and as far as I know there are no planned developments for that lot.
10 photos from the listing agent? Come on man, that’s just lazy. It’s hard to imagine how this is even laid out with that half-assed effort.
” Sonies (October 8, 2012, 10:34 am)
This unit’s view wouldn’t be totally blocked, its nearly next to the 12 story tower and overlooks the clark and barlow hardware store (the smaller western portion of it)
and as far as I know there are no planned developments for that lot.”
So you’d be mostly blocked and looking directly into the back of a building. That would still kill the value. I don’t know who owns that lot but there are apartment towers going up in pretty much every other vacant / parking lot in that area. That would scare me as a potential buyer.
“This unit’s view wouldn’t be totally blocked, its nearly next to the 12 story tower and overlooks the clark and barlow hardware store (the smaller western portion of it)
and as far as I know there are no planned developments for that lot.”
An affiliate of these guys: http://www.onni.com/ just closed on the lot on Sep 10. They bought the lot that Clark & Barlow sits on, too. Appears that the corner lot (with the old gas station/cell store/whatever) is still under separate ownership.
Zoning is DX-7, which allows a FAR of 7, and allows residential as-of-right, if first floor commercial. 25% density bonus for affordable housing.
“I don’t know who owns that lot”
Something they are working on in LA:
http://m.ladowntownnews.com/news/south-park-to-get–story-tower/article_855c0496-6964-11e1-89cc-0019bb2963f4.html
If you can live with one floor and without the roofdeck, I would pick this one instead: http://www.trulia.com/property/3095451634-520-W-Huron-St-319-Chicago-IL-60654
Same brick and timber loft, far better finishes, a third bedroom, and the same price.
anon (tfo) – Great research. Now I would really be scared as a potential buyer.
What does FAR7/DX-7 mean? Sorry too lazy to look it up
” FAR7/DX-7 mean”
DX-7 is the zoning district.
FAR 7 means the building can have 7x the floor area (not all things “count”) of the lot size. If they have enough “affordable” units, they can get up to 8.75x the lot size, so, a 8+ story buildinhg that covers 100% of the lot, or (much more likely) a 20+ story building that covers ~40% of the lot. Wouldn’t be surprised if this unit’s view is entirely blocked by the new tower *IF* it actually gets built.
wow that sucks, but I don’t care because it will certainly bring more good to the neighborhood than that awful eyesore of a vacant gas station, and that useless hardware store
“that awful eyesore of a vacant gas station”
They don’t own it, as of whenever the ccrd is current thru. Agree that it would be (1) surprising if they don’t buy, and (2) an improvement to see it go.
Makes sense as a new spot for Clark & barlow, too, to get them improved exposure in basically the same spot. Wonder what they would do during construction, *if* that is the plan.
I was in Clark Barlow a couple days ago……….looks like clearance sales going on.
Clark and Barrow is kinda screwed (hehe hardware store pun) because there is an ACE hardware literally a block or so south with a nice parking lot. The one time I went into that store they weren’t very helpful either, and was basically like 5 dudes hanging around a parts counter, a few of them smoking.
Tough for owners of this building – they are living through the construction of the building directly south and now will potentially have to deal with construction on top of them to the north. The old Ronsley lot will probably have something built soon – I think that is the last development block available in the area. Although there is another parking lot owned by the EBC at Kingsbury and Hubbard but I think its too small to build on.
Where’s this Ronsley lot, i wanna go check it out
Northwest corner of Kingsbury and Erie. Its odd shaped. It has an interesting history – it was going to be developed with a design by Lucien Lagrange (same guy who did 2 other buildings on the block) for a high rise. They marketed it and failed around 06-07 time frame. Then Ronsley tried to do a loft conversion at stupid prices (I think 2BR units were $600k+) and then the lot went into foreclosure. I would guess it would be an easy development site because they already have the plans for the building. Owners in 510 W Erie were nervous because it would have completely blocked some of the western facing units if the Lucien high rise was built.
“I was in Clark Barlow a couple days ago……….looks like clearance sales going on.”
Website redirects to Studio 41, with a C&B special page announcing the combo. So, they are definitely going to be re-locating into that Studio 41 space a couple blocks south.
Oh so that (ronsley thing) is the abandoned warehouse next to the lagrange building, gotcha… Would be nice to see some development on the east side of the gallery district, bunch of run down crap in prime space on Lasalle just south of Chicago Ave. right now, a few new bars and such are popping up on Clark but still needs a big condo development or something there to populate the area a little more.
Maybe potential buyers should be worried about a new development across the street, but what is holding back this development that got foreclosed on a few years ago?
http://yochicago.com/park-kingsbury-luxury-lofts-in-foreclosure/8836/
http://wibiti.com/HomePageView.aspx?v=v&c=0&HpID=%C2%B8_Z%C2%81%C5%BD
The building looks like it was 25% done, but at least had all the zoning / licenses / and plans figured out.
“If you can live with one floor and without the roofdeck, I would pick this one instead”
sorry, without the roof deck and non duplex is not a comparison at all. call me when the unit you’re shilling has a private roof deck and we can talk.
Some info of the Clark & Barlow site that was mentioned above. Looks like they’re looking to build a 200 unit apartment building there.
http://www.chicagorealestatedaily.com/article/20121017/CRED03/121019823/canadian-firm-plans-2-river-north-apartment-projects
wow man they are building the shit out of my hood