CRE Midwest

Metropolitan Properties announces opening of Richelieu Flats

Richelieu-Flats-Interior-with-View-2

Chicago-based Metropolitan Properties of Chicago announces the start of sales at Richelieu Flats, an adaptive reuse of a seven-story building that is part of the historic South Michigan Avenue “streetwall.”

Chicago-based Metropolitan Properties of Chicago announces the start of sales at Richelieu Flats, an adaptive reuse of a seven-story building that is part of the historic South Michigan Avenue “streetwall.” Named for the Richelieu Hotel the building housed during the time of the Columbian Exposition, Richelieu Flats is located at 318 S. Michigan Ave. and includes four fully renovated 2,650-square-foot full-floor residences and one 4,300-square-foot duplex penthouse.

Richelieu Flats represents the final piece of Metropolitan Properties’ redevelopment of the entire 300 block of South Michigan Avenue, which has also included neighboring Metropolitan Tower at 310 S. Michigan Ave. and The Residences of 330 S. Michigan Ave.

In addition to an exclusive location, Richelieu Flats offers a full array of luxury interior features and finishes. Priced from $1.35 million to $1.45 million, the full-floor residences are located on floors three through six and feature private elevator access and a split floor plan with two en-suite bedrooms, plus a bonus room with a full bath. Featuring high ceilings and solid oak floors in the main living spaces, the residences also take advantage of the view from oversized windows overlooking Michigan Avenue and Grant Park.

Each residence is fully equipped with upscale finishes and appliances, including gourmet kitchens, custom rift-cut oak cabinetry and a large island. Buyers can also choose from a range of pre-selected options for cabinetry finish, countertops, tile and flooring, and also have the opportunity to upgrade some features. Once final finishes are selected, homes are available for delivery within 45 to 60 days.

One furnished model showcases a full-floor floor plan.

Located on the seventh floor, the duplex penthouse is being offered as raw, customizable space and also includes a 1,000-square-foot terrace with panoramic views of Grant Park, Millennium Park and the lakefront. It is priced at $2.3 million.  

Two deeded parking spaces, located in a climate controlled garage accessed directly from the rear entrance of each condominium, are available with each residence. Parking spaces are priced at $45,000 each; there also is one private enclosed four-car garage available, priced at $185,000.

Additionally, the building will include a 10,600-square-foot full-service restaurant fronting the boulevard; it is slated to open in spring 2013.

Pappageorge Haymes is the architect for the development. Baird & Warner is providing exclusive sales and marketing for the residences.