Related Midwest closes first condo sale in luxury One Bennett Park

The Streeterville tower looks to compete with No. 9 Walton in high-priced condo market
February 15, 2019 09:00AM

Curt Bailey and One Benett Park (Credit: Apartments)

Related Midwest closed its first condo sale in the One Bennett Park luxury tower, which hopes to build on the success of No. 9 Walton in attracting buyers.

The three-bedroom condo on the 43rd floor of the Robert A.M. Stern-designed building sold for $2.4 million, according to Crain’s. The buyer of the unit was not yet named in public records. Ten other units are under contract for at least $4 million, Crain’s reported.

One Bennett Park, at 451 East Grand Avenue in Streeterville, is part rental, part condominium. The first of the building’s 280 apartments opened in December, and 40 percent of its 69 condos are under contract, Related President Curt Bailey told Crain’s.

In an interview with The Real Deal in November, Bailey was optimistic about the luxury condo market in Chicago, where most development activity lately has focused on rentals.

One reason for Bailey’s optimism is the success of JDL Development’s No. 9 Walton tower in the Gold Coast, which has notched a string of multimillion-dollar condo sales to high-profile buyers since late 2017. [Crain’s] — John O’Brien