Multifamily N Illinois

Sale of River City marks largest ever Chicago deconversion

Sale of River City marks largest ever Chicago deconversion,ph1

The River City Condo Association agreed to a bulk sale of all 449 residential units, making River City the largest condominium deconversion in Chicago history. A newly formed joint venture among The Wolcott Group, Marc Realty, Ruttenberg Gordon Investments and funds managed by Elliott Management Corporation purchased River City. The new owner plans to transform the building with a full redesign and renovation of the lobby, common areas, residential units and the retail components of the property.

“River City is an iconic building from visionary architect Bertrand Goldberg that offers residents a unique combination of city and river views,” said Ari Golson, principal with The Wolcott Group. “We look forward to updating and modernizing the building while respecting the architect’s original vision for a live, work and play environment. We will also be updating residential units to meet today’s renter preferences and adding amenities for the South Loop community, such as a warm and welcoming lobby, brand new fitness center and multiple co-working and gathering spaces.”

The group also plans significant renovations for the office and retail spaces within the property. Renovations will begin in early 2019, and River City Apartments will begin welcoming new residents in March. In addition, many former River City condo owners are choosing to stay in their unit or move to a newly renovated unit at River City Apartments.

“With more than 250,000 square feet of office and retail, this is an incredible opportunity to maximize the space to create experiences and daily conveniences for both the renters and South Loop community,” said Ruttenberg Gordon Investments managing partner, David Ruttenberg. “We look forward to renovating this space to fit today’s office and retail landscape with a heavy emphasis on building community.”

Apartments are being designed by Devon Grace Interiors, and Luxury Living Chicago Realty is the exclusive marketing and leasing brokerage. The redesign will feature a lobby with multiple lounges and co-working spaces, a party room, an acre of outdoor space with lush landscaping, outdoor grilling stations, bocce ball, shuffleboard courts and a convenient dog run. Units range from studios to four-bedroom penthouses. Apartment rental rates have yet to be announced. Leasing should begin in early February.

“We are excited to see what the new owners have in mind for River City. We love the location and uniqueness of this building, it has so much potential” said Lisa Hernandez, a current River City resident. “We’re looking forward to seeing our amenities like the lobby and River Road restored and modernized.”