Lincoln Park 2520
Lincoln Park is one of Chicago's most popular and crowded neighborhoods. The area is know for nightlife, restaurants, shopping, and luxurious homes and condos that command some of the highest prices on the city's North Side. Many of the homes in Lincoln Park are in older buildings that have undergone gut rehabs to become high-end residences. New construction is out there, but it has been many years since a new lakefront high-rise tower has gone up in the area. A joint venture of RMI Development LLC and General Electric Pension Trust is currently changing that situation, however, with the launch of Lincoln Park 2520, which will be a 314-unit condo building and 13 townhomes located at 2520 N. Lakeview. The project is going up on the site of the old Columbus Hospital, which has stood vacant since 2001. The complex will be one single structure that, from the outside, looks like three separate towers of 39-, 21-, and 30-stories. Early reports show that consumer interest in the 2520 project is strong and sales are expected to be brisk.
Designed by noted architect Lucien LaGrange, 2520 will offer a large number of floor plans to potential buyers ranging from a 903-square foot one-bedroom to four- and five-bedroom units that measure more than 11,000-square feet, including their balconies. The development team is clearly going for a major 'wow'factor with these homes and they seem to be aimed at the top end of ultra luxury Chicago condos shoppers. All the homes at 2520 will be outfitted with the type of luxury finishes that quickly get attention, even in a crowded condo market. Visitors to the sales center will find 9-foot ceilings, floor-to-ceiling windows, hardwood floors in all living areas, wall-to-wall carpet in all bedrooms, solid core doors, full-size washers and dryers, individual heating and cooling, and oversized balconies, per plan. Kitchens also get hardwood floors, along with Sub-Zero stainless steel refrigerators, Wolf gas cooktops, ovens, and microwaves, Miele dishwashers, Poggenpohl cabinets, granite countertops, and under-counter lighting. Master baths get natural stone floor and wall tile, Waterworks faucets, whirlpool tubs, and separate showers. Shared amenities in the building will include a 625-car garage, a one-acre park, and a fitness center with an indoor pool. Prices will start around $550,000 for one-bedrooms and rise to $10 million for the largest penthouse units. Sales have already started at 2520 and homes will be ready to move into in 2009.
Ricker-Murphy Development LLC is bringing Lincoln Park 2520 into the light of day and the company's principals, Peter Ricker and John Murphy, both have significant experience in the world of luxury real estate, including involvement with two Trump Organization projects in Manhattan. The firm maintains that 2520 represents a "grand commitment" to the city of Chicago and hopes that the project will become the crowning glory of the city's lakefront.
- Mike O'Cull