JV Closes on Condo Deconversion in Chicago’s South Loop
- Jan 02, 2019
Chicago, Ill.-based River City Condo Association agreed to a bulk sale of all 449 residential units in River City, a 33-year-old residential building at 800 South Wells St., in the fast-expanding South Loop district of the Windy City. The result is Chicago’s largest condominium deconversion on record.
A newly-constituted joint venture involving The Wolcott Group, Marc Realty, Ruttenberg Gordon Investments and funds managed by Elliott Management Corp. purchased River City. The joint venture plans a full redesign and renovation of the property’s lobby, common areas, residential units and retail components as it transitions to rental.
The group also envisions substantial upgrades to River City’s retail and office spaces.
“With a building this size, 449 units, it took two years of negotiation and discussion with condo owners to get enough votes to agree to a bulk sale,” The Wolcott Group Principal Andy Goodman, told MHN. “We offered aggressive prices and other incentives to condo owners.”
“With more than 250,000 square feet of office and retail, this is an incredible opportunity to maximize the space to create experiences and daily conveniences for both the renters and South Loop community,” added Ruttenberg Gordon Investments Managing Partner David Ruttenberg. “We look forward to renovating the space to fit today’s office and retail landscape with a heavy emphasis on building community.”
Marina City designer
River City is an iconic building designed by architect Bertrand Goldberg, the architect also responsible for Chicago’s famed Marina City on the north side of the Chicago River and the Loop. “[It] offers residents a unique combination of city and river views,” said Ari Golson, principal with The Wolcott Group. “We look forward to updating and modernizing the building while respecting the architect’s original vision for a live, work and play environment.
“We will also be updating residential units to meet today’s renter preferences and adding amenities for the South Loop community, such as a warm and welcoming lobby, brand new fitness center and multiple coworking and gathering spaces.”
River City Apartments will include a lobby with multiple lounges, coworking spaces, a party room, an acre of outdoor space with lush landscaping, outdoor grilling stations, bocce balls, shuffleboard courts and a convenient dog run. Unit size with extend from studios to four-bedroom penthouse apartments.
Location and uniqueness
Devon Grace Interiors is designing the apartments and Luxury Living Chicago Realty is the exclusive marketing and leasing brokerage. River City Apartments will begin leasing in early February.
Observed current River City resident Lisa Hernandez: “We are excited to see what the new owners have in mind for River City. We love the location and uniqueness of this building, it has so much potential. We’re looking forward to seeing our amenities like the lobby and River Road restored and modernized.”
Image courtesy of Luxury Living Chicago Realty