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player ready...The Stiffel Lamp Co. finally turned out the lights and moved away last month, but the six-story industrial building in Chicago’s River North neighborhood won’t be dark for long.
Enterprise Development Co. plans to recycle the 235,000-square-foot facility–actually five interconnected buildings at 700 N. Kingsbury St.–into 188 loft condominiums.
Called River North Commons, the residential project will offer one-, two- and three-bedroom units that range in price from $127,500 to $465,500 and in size from 818 to 2,390 square feet.
Phase 1 will include a mix of 108 lofts in two styles–those with exposed timber beams and others with traditional dry-walled ceilings. Phase 2 of 80 units will follow.
All units will have balconies, except for the ground-floor residences, which will have private yards.
A new penthouse level will be built on the roof to provide duplexes.
“The first move-ins will be in July or August of next summer,” said Ronald Shipka, president and chief executive officer of Enterprise Development.
One of the existing structures will be demolished to make way for a four-level garage. Parking spaces–indoor, covered and outdoor–will sell for $5,000 to $17,500.
Phase 3 of River North Commons, to be built on an adjoining site, calls for an 18-story condo building. Construction could start as early as 1999, according to Shipka.
Currently, a sales center and two models are open at the former lamp factory. Stiffel has moved its operations to a 200,000-square-foot, single-level building in the Stockyards Industrial Park, thus keeping more than 300 jobs in the city.