South Loop Rentals Return to Market

CATCH AND RELEASE: Condos in the 20-story Marquee on South Michigan Avenue go on sale as rental leases run out

Marquee on South Michigan Avenue

SOUTH LOOP $199,900 to $399,900

When the 20-story condo tower Marquee, at 1464 South Michigan Avenue, was completed in 2008, about 85 percent of its 208 units had been sold. The developer, Sedgwick Properties, rented out many of the unsold units, but with their leases expiring, those homes are once again for sale. Prices have been cut 3 to 5 percent on the 35 remaining condos (not all of which were rented out), and Tim Sheehan, the Conlon agent selling them, emphasizes that further bargains are a possibility. “Parking spaces were $35,000, but we’re considering that a negotiable,” he says.

The least expensive available condo is a one-bedroom unit with about 950 square feet, a fireplace, and a $199,900 price tag. The most expensive—at $399,900—is a three-bedroom penthouse on the 18th floor, with northeast views to the Adler Planetarium. The building’s amenities include a dog run, a theatre, workout rooms, and a front desk that is staffed around the clock. All the condos are ready for occupancy.

 

 

Photograph: Todd Urban

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