Luxury developers propose boutique 12-unit condo building in Gold Coast

David Pisor and James Laskey are banking on continued demand for high-end condos Downtown

TRD CHICAGO /
Jan.January 14, 2019 11:00 AM

Maple & Ash’s James Laskey (left) and David Pisor with the existing shops at 12 West Maple Street (Credit: Maple and Ash and Google Maps)

Developers David Pisor and James Laskey unveiled a proposal to build a 22-story building with just 12 ultra-luxury condos in the Gold Coast.

The building at 12 West Maple Street would feature units ranging from 3,800 to 8,000 square feet, according to Crain’s. Alderman Brian Hopkins (2nd) said in an email to constituents the building also would include “a restaurant, private dining space and commercial space.”

The site is two blocks north of the 60-story Waldorf Astoria hotel and condo tower, which Pisor completed in 2009. Pisor sold the tower, then known as the Elysian Hotel & Residences, to Sam Zell for about $95 million in 2011, according to Crain’s. Zell sold the building to hotel operator Laurence Geller in 2015.

Pisor and Laskey last year paid $13.1 million to buy the Maple Street property, now home to a three-story retail building. The duo already co-owns Maple & Ash restaurant next door at 8 West Maple Street.

Hopkins will hold a public meeting Jan. 22 to discuss the zoning change that Pisor and Laskey would require in order to advance the condo proposal.

Wealthy buyers have been buying condos at the top of the market, incentivizing developers to create more extravagant new options while prices flag on older luxury homes. Across the street from the Waldorf, JDL Developlment’s newly-completed condo tower No. 9 Walton continues to regularly rack up pricey sales, and Related Midwest’s One Bennett Park is gearing up to begin condo sales this spring.

Brokers are having a harder time selling opulent single-family homes in the Gold Coast, where a 12,000-square-foot mansion this month took its third price cut in four years. [Crain’s] — Alex Nitkin

 

Related Articles

arrow_forward_ios
Luxury Living Chicago Realty CEO Aaron Galvin and downtown Chicago

Top rental broker Aaron Galvin predicts rental shortage by 2022

Golub & Company’s Michael Newman, Prairie Shores at 2851 South King Drive, and Farpoint Development’s Scott Goodman

Farpoint, Golub close on massive Bronzeville resi complex

From left: 403 North Wabash Avenue, 2238 North Magnolia Avenue and 1428 West George Street (Credit: Redfin, Realtor)

Here are the priciest resi sales in Chicago this week

Chicago Skyline (Credit: iStock)

Windy City’s real estate blown away by other cities

Onni Group president Rossano de Cotiis and a rendering of 369 West Grand Avenue (Credit: Brininstool+Lynch)

Onni Group lands big loan for 41-story River North tower

Clockwise from left: 123 S. Peoria St., 2643 N. Hermitage Ave. and 3754 N. Janssen Ave.

Here are the priciest resi listings in Chicago from last week

Cook County Assessor Fritz Kaegi and a Winnetka mansion (Credit: Cook County and Redfin)

Chicagoland mansion owners won’t get the tax breaks they were promised

From left: 1109 W. Washington Blvd., 1943 W. Cortland St., 2753 N. Hampden Ct. (Credit: Redfin)

Here are the priciest resi sales in Chicago this week

arrow_forward_ios