CRE Midwest

Convexity Properties breaks ground on Gold Coast's first new condo high-rise in seven years

4EastElm_Groundbreaking
Left to Right:Pierre Cowart (Leopardo Construction), Rick Mattioda (Leopardo Construction), David Gutierrez (Daccord LLC), Jeremy Kerman (Convexity Properties), 2nd Ward Alderman Robert Fioretti, David Nelson (Convexity Properties), Chicago Deputy Mayor Steven Koch, Donald R. Wilson (Convexity Properties), Thaddeus Wong (@properties), Gary Kohn (Solomon Coldwell Buenz), Chris Oakley (Convexity Properties), David Grout (Gary Lee Partners)

Chicago-based Convexity Properties has broke ground for 4 East Elm, the first new condominium high-rise to begin construction on Chicago’s North Side in five years and the first in the Gold Coast since 2007.

Chicago-based Convexity Properties has broke ground for 4 East Elm, the first new condominium high-rise to begin construction on Chicago’s North Side in five years and the first in the Gold Coast since 2007. The development offers 35 half- and full-floor condominiums ranging in price from $2.2 million to $7.2 million. Sales began this summer.

Today’s groundbreaking ceremony included Donald R. Wilson, chairman of Convexity Properties and DRW Holdings; Chicago Deputy Mayor Steven Koch; and 2nd Ward Alderman Robert Fioretti. Also on hand were representatives from @properties, which is conducting sales for 4 East Elm; general contractor Leopardo Construction; project architect Solomon Cordwell Buenz; interior design firm Gary Lee Partners; and construction manager Daccord LLC, all based in Chicago.

“As the first new condominium building in the Gold Coast in almost a decade, 4 East Elm is a big milestone for both the neighborhood and the downtown condominium market,” said Wilson. “We’ve had an incredible response from homebuyers, and we’re thrilled to get construction underway.”

The 27-story building at the northeast corner of State and Elm streets will feature three-bedroom, 3.5-bath floor plans ranging from just under 3,100 square feet to 3,515 square feet. Plans can also be combined, allowing for full-floor residences with more than 6,600 square feet of living space.

All residences at 4 East Elm will feature private elevator access; 10-foot finished ceiling heights; floor-to-ceiling windows; wide-plank flooring in living areas; Florense cabinetry; Sub-Zero, Wolf and Miele appliances; and quartz or natural stone countertops. Homebuyers will have the opportunity to work with Gary Lee Partners on interior selections and with Premiere Systems to customize audio, video, lighting and smart-home systems.

Homeowners will also have access to a variety of amenities, including a landscaped sundeck; outdoor pool and spa; clubhouse lounge with a full kitchen and flat-screen TV; movie screening room; fitness center; 24-hour doorman and private garage parking.

“There has been huge pent up demand for new-construction in the high-end market. 4 East Elm raises the bar for luxury condominiums in the city and addresses the needs and tastes of upscale buyers who are looking for something both contemporary and refined,” said Thaddeus Wong, co-founder of @properties.

4 East Elm is scheduled to be completed in early 2016.