chicago-condos Stephen on 28 Sep 2007 09:36 am

Plans for the Chicago Spire unveiled

The developer and architect of the Chicago Spire were on hand this week to field questions from journalists and show the newest plans for what will become Chicago’s tallest building.

The price of the 1,200 condominiums that will go on sale early next year was one of the focuses of the meeting.

According to the developers, studio units at the Chicago Spire will be priced at $750,000.  The largest penthouse could sell for as much as $40 million, surely one of the most expensive condominiums in the city.  This 10,000 square foot penthouse will be perched on top of the tallest residential building in the world.

Average per-square-foot prices for the development will be nearing $2,000, making the Chicago Spire the most valuable real estate in the city.

Shelbourne Development must continue to cover construction costs without any revenue until preconstruction sales start in January.

The market for luxury condos in major developments is crowded with several competitors.  The Trump International Tower, Mandarin Oriental, Ritz Carlton, and several other projects will all be competing for the richest residents in the city.

There are many Luxury Chicago Condos available around downtown Chicago.

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