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Shelbourne Development Group has sold 30% of the residences at the Chicago Spire. As of June 4, 352 units have been sold. Designed by Santiago Calatrava, the Chicago Spire is an iconic, 2,000-foot residential building located on the shore of Lake Michigan.
This announcement comes just four months into the global marketing campaign, which was launched in late January 2008 featuring exhibitions in Dublin, Singapore, Hong Kong, Beijing, Shanghai, Johannesburg, and New York. The international road show will visit major city centers in Russia, the Middle East, Korea, India, Japan, Canada, and Europe in the coming months. In addition, the sales team will return to several markets in Southeast Asia and China due to a mounting number of inquiries in those regions since the initial visit.
"The Chicago Spire has captured the imagination of astute buyers in the U.S. and around the world," said Garrett Kelleher, executive chairman of Shelbourne Development Group. "Not only have we sold homes in every market where we have visited, we've had tremendous success with local buyers in Chicago. In fact, the mix of buyers is equally split between the local and overseas markets, confirming that the city of Chicago is a world-class place to visit, live and invest."
The strong sales figures reflect the potential of the Chicago residential real estate market to continue to out perform other U.S. cities. The most recent report from the National Association of Realtors indicates the median price of a Chicago condominium increased 10.8% from Q1 2007 to Q1 2008. In addition, according to first quarter figures from the Federal Housing Board, Chicago continues to oppose national housing trends. During the first four months of this year, the average home price in the Windy City experienced a 16.4% gain compared to the same period one year ago.
"While the housing markets remain challenging in certain sectors in the United States, there is a very strong demand for exceptional properties in major urban centers, and the Chicago Spire is the leading product in one of the world's leading cities," said Ivan B. Murphy, president international of Shelbourne Development Group. "For the second year running, Trader magazine named Chicago the best city for traders globally, and the trend-setting Fast Company magazine voted Chicago the '2008 US City of the Year.'"
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The nearly 20,000-sf Chicago Spire sales center, which overlooks the construction site, features a Santiago Calatrava museum, movie theatre, and gallery, and also incorporates fully finished condominiums with floor-to-ceiling windows reflecting the panoramic views from a number of different aspects and floors.
The Chicago Spire will be home to 1,194 individual residences and a range of amenities that will rival any in the world when complete by early 2012. No two residences are alike, with each suite, gallery, one-to-four bedroom home, and penthouse offering a unique floor plan and views of the lakefront and city. Situated on a 2.2-acre site where the Chicago River meets Lake Michigan, the Chicago Spire will be the world's tallest residential building.
Construction of The Chicago Spire began in June 2007. The building's foundation is now more than 90% complete. Completion and occupancy are expected in 2012.
For more information, see http://www.thechicagospire.com.
