Onni Group is making a splash into Chicago’s ultra-luxury rental market.
The Vancouver, British Columbia-based developer is expanding its penthouse collection, a group of luxury units with top-end amenities — such as in-unit private pools and hot tubs — at several of its properties in Chicago, including listing a $50,000 per month penthouse starting in 2024.
When one of the listings, at the 32-story Old Town Park at 204 West Hill Street in River North, comes to market in January, its asking price of $50,000 a month will dethrone the current highest rental in the Chicago area, which is a mansion in Winnetka on the suburban North Shore asking $44,000.
The units have uncommon amenities for even luxury condos in the city. Some have private pools or hot tubs within the unit, in addition to more traditional amenity spaces in the buildings.
Leasing agents Emily Santos and Kourtney Murray with @properties Christie’s International Real Estate said the units are a reflection of the recent success of Chicago’s high-end rental market.
It’s a long-standing trend across all major big cities that many luxury housing consumers opt to lease, despite being able to afford buying. Murray and Santos said the client for this type of product typically has real estate holdings in other markets, or on the North Shore, and isn’t looking to invest in Chicago for various reasons. They often cater to professional athletes without long-term contracts or the wealthy elite who only spend some of their time in Chicago.
“It’s mostly people that already own real estate in other parts of the country and other parts of the world. Usually it’s an in-town place for them or their home for the summer,” Murray said.
Onni Group has various penthouse products across three of its buildings for which Murrary and Santos are overseeing leasing. That includes the Old Town Park listing that will be asking $50,000 a month. The available penthouse is one of three, with the others fully leased.
At nearby 369 Grand, a 41-story, 356-unit building, the only penthouse unit available is asking $28,000 a month.The development at West Grand Avenue and North Orleans Street includes a 30,000-square-foot amenity floor, and the 4,300-square-foot penthouse includes a 2,100-square-foot roof terrace with an outdoor shower and hot tub.
“It’s just something you don’t really see in the market,” Santos said, adding the generous outdoors spaces and finishes within the unit are rare even in luxury homes.
Onni Group isn’t just offering a taste of the high life in River North, however. The developer is now leasing the 32-story Onni Group Fulton Market at 355 North Halsted Street, where penthouse collection units are ranging from $7,400 to $17,999. The top-end unit includes 1,700 square feet of interior in addition to 800 square feet of outdoor space with a private hot tub.
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