The Real Deal Chicago

Ticket reseller founder assembling giant $15M Water Tower condo

Eric Vassilatos is combining 6 units in Magnificent Mile building into 14K sf home
February 11, 2019 09:05AM

Water Tower Place at 835 North Michigan Avenue and Eric Vassilatos (Credit: Google Maps and PanHellenic Scholarship Foundation)

The co-founder of ticket reseller Vivid Seats wants to assemble six Water Tower condos into one at a cost of at least $15 million.

Eric Vassilatos applied for a construction permit to combine the units in the Magnificent Mile skyscraper at 835 North Michigan Avenue, estimating the cost of the work at $8.5 million, according to Crain’s. He bought the six units between 2010 and 2016 for $7.6 million.

The units are on three different floors, and combined they would total more than 14,000 square feet, according to Crain’s.

Oprah Winfrey once combined four condos in the building into a 9,600-square-foot space, but later sold them to a renovator who broke them up and marketed them individually. The last of the four units just hit the market at $3.5 million.

Vassilatos’ condo would become one of the priciest homes in the Chicago area upon completion. It would top just about all of the units in the well-known No. 9 Walton luxury tower a couple blocks away, save for billionaire Ken Griffin’s record-breaking $59 million penthouse. [Crain’s] — John O’Brien