www.multi-housingnews.com • January 2007

Mesirow Financial's High-Rise Condos Designed to Attract Young Professionals to the West Loop

Chicago-For many young professionals, the vibrant West loop is a popular destination because of its hip nightlife and trendy restaurants. Located in the heart of this area. a 19-story condominium building-known as R+D 659 is being developed by Mesirow Financial Real Estate Inc. to target homebuyers in their 20s and 30s with competitive amenities, exclusive location, below-market prices and open layouts.

Located on the corner of Randolph and Desplaines streets, R+D 659 has already received an overwhelming response from buyers. While the 77 million development will not be ready for occupancy until December 2008, about 80 percent of the condos have been sold. In recognition, the Appraisal Research Counselors, a Chicago-based real estate appraisal and research firm, ranked the property #1 in contracts for new residential construction projects for three weeks in November.

R+D 659, scheduled for a March ground-breaking, was financed by a standard construction loan. It was arranged by Mesirow Financial, a diversified company involved in private equity, insurance and financial consulting. Prices of the unit range from the low $200,000s to the $800,000s. The high-rise property features one- one-plus-den, two-and three-bedroom floor plans as well as four penthouses. Condos measure 608 to 1,230 square feet, while the penthouses are 1,400 to 1,644 square feet.

Sales for the condos have outperformed those in the West Loop and downtown Chicago market, said Gavin Stein, vice president of Chicago-based Mesirow Financial Real Estate Inc., the real estate development arm of Mesirow Financial. "We're selling a lifestyle that a lot of other buildings in Chicago don't have," he adds. "The units give the buyers what they want."

Mesirow Financial intends to create an active and attractive social scene for residents with the building's amenities. The second floor features an outdoor swimming pool, connected to a landscaped sun deck and Japanese garden. R+D 659 also includes a fully equipped, state-of-the-art exercise room; a business center: and a lounge with a plasma TV, wet bar, media room with an iPod docking station and a kitchenette. "We put a lot or detail into our amenities." Stein adds. "Most condo developments just have an empty [community] room" The building will offer a heated underground park- ing garage and its entry lobby will display contemporary art and furniture.

The L-shaped footprint of the building allowed Brininstool + Lynch Ltd., a Chicago-based architecture firm that also designed the building's exterior and its floor plans, to group the amenities into one area to create a community-like atmosphere. "Architecturally, it all fell into place." David Brininstool, principal of firm. It flowed naturally [due to] the way the building was laid out."

In addition to providing an array of amenities, Mesirow Financial also felt it was important to offer 21 floor plans, all of which emphasize open space and functionality. Buyers can customize their homes with upgraded finishes for countertops, flooring, fixtures and cabinetry. Floor-to-ceiling windows optimize city views.

While more condominiums and lofts are being constructed in the West loop, R+D 659 will be the only residential development on bustling Randolph Street. Residents will have easy access to this urban streetscape's chic eateries and lively dance clubs as well as a growing number of up-and-coming art galleries and retail shops. Aside from Randolph Street, the West Loop is also home to the city's famous Hancock Tower and Oprah Winfrey's syndicated TV show at Harpo Studios.

The high rise's exterior will complement the contemporary essence of the neighborhood with a cutting-edge aesthetic rendered in glass and concrete. The design follows the developer's goal of establishing the building's presence in the West Loop.