Another suburban home builder has jumped into the hot residential market in Chicago.
The Gammonley Group, based in La Grange, plans to build a 34-story condominium tower at 1111 S. Wabash Ave. in the South Loop, Mayor Richard Daley’s neighborhood.
Construction of the 247-unit building will begin in February, according to Dick Gammonley, president. It will rise on a site now occupied by a building and a parking lot. Construction will take 18 to 20 months.
Prices will range from $188,900 for a 764-square-foot studio to $1.2 million for a 4,270-square-foot penthouse.
Monthly assessments will average $325.
More Top Picks Best Reading Glasses For Macular Degeneration
The indoor garage from the first to the fifth floors will have 249 spaces. A parking space is priced at $30,000.
“We’ve been trying to find the right site in the city since 1995,” said Gammonley. “This won’t be our last project in Chicago.”
Prices start at $242,900 for one-bedroom units, and $265,900 for two-bedrooms. Three-bedroom condos on floors 26 through 32 will start at $435,000.
Three duplex penthouses on the 33rd and 34th floors will start at $450,000 and have private terraces.
Some 6th-floor units also will have private terraces overlooking the outdoor swimming pool on the deck over the garage.
Other amenities of the building will include a 24-hour doorman, party room and fitness center.
Ground-level retail outlets will include a beauty salon, dry cleaners, valet and business and conference center.
The building was designed by the architectural firms of Perkins, Pryde, Kennedy & Steevensz and Fujikawa/Johnson
A sales center located located on the site was designed by Ken Riha & Associates. The sales center has a scale model of the tower and a photo display of the views that will be seen from the upper floors.
Residents of the new building will be able to walk to the Museum Campus, Burnham Harbor and the new Jewel/Osco under construction at Roosevelt Road and Wabash Avenue.