Belgravia Group has topped off Renelle on the River, an 18-story, 50-unit luxury condominium community along the Chicago River in the city’s River North neighborhood. Located at 403 N. Wabash Avenue, Renelle on the River is scheduled to begin closing homes in early 2019.
“It’s pretty hard to find property on the lake or the river, and any time you can find property with unobstructed views, it’s pretty special real estate,” Alan Lev, CEO of Chicago-based Belgravia Group, told MHN.
The bKL Architects-designed structure, which is 65 percent sold, features three- and four-bedroom floor plans with three or 3.5 baths in a range of five designs. Single-level floor plans extend in size from 2,249 to 3,434 square feet and range from $1,589,900 to $3,213,900. The duplex option measures 1,827 square feet and is priced from $1,275,900. Only three of the duplex options remain unsold. The site measures about 10,000 square feet.
“Even though it was zoned for what we wanted to do, any time you build in the city, you have some challenges getting the neighbors on board,” Lev said. “And the site presented challenges. We had to build upon an existing parking garage, and we’ve done that before, but it still presents difficulties. The site logistics presented challenges; there are a lot of different complications on building on very tight urban settings like this one.”
Noting he could see three construction cranes just from the window of his West Loop office, Lev added that enormous demand has sent construction costs soaring higher. “Construction costs have gone way up, but fortunately we were still able to make the numbers work, by increasing the sale prices of the condominiums,” he reported.
Among features of Renelle on the River residences are 10-foot-high ceilings, expansive windows, eight-foot solid-core doors, five-inch wood flooring, gallery walls for artwork and private balconies. Kitchens offer Snaidero cabinetry, choice of natural stone or quartz countertops and Sub-Zero and Wolf appliances.
Buyers can personalize their homes. Belgravia’s in-house designers are available to help them choose from a variety of finishes displayed at Renelle’s on-site design center.
Common-area amenities include an 18th floor rooftop lounge featuring a game room, screening room, indoor and outdoor kitchens, and 4,500-square-foot terrace. The amenity list also includes a 24-hour doorman, fitness center with private yoga room, outdoor dog run and bike storage area.
“Renelle’s thoughtfully designed floor plans and large room sizes have been a great success, attracting a variety of buyers from empty nesters leaving suburban life for the city to those seeking spaces that live like single-family homes in a dynamic urban location,” Lev said.
Belgravia’s VR-360 Model Home technology allows buyers and agents to virtually tour a Renelle floorplan, permitting prospective residents an immersive experience that includes experiencing the river views afforded by the residences.