Residential and Commercial Deals Thrive in West Loop

By Veronica Grecu, Associate Editor Van Buren Lofts has recently started selling high-end residential units in a newly rehabbed building located at 1224 West Van Buren St. in the West Loop of Chicago. The eight-story building, which is now owned by [...]

Van Buren Lofts has recently started selling high-end residential units in a newly rehabbed building located at 1224 West Van Buren St. in the West Loop of Chicago. The eight-story building, which is now owned by Foxford City LLC, was originally home to a paper mill before being converted into a loft development, VB1224, in 2007. With prices starting at $189,000, Van Buren is offering immediate occupancy for prospective homebuyers. In some cases, the selling prices are almost $95,000 less than the average in this area.

In a press release, Christine Lutz, senior vice president of Garrison Partners, the company managing the sales and marketing for the building, declared that Van Buren Lofts is by far the best value in the West Loop, with prices starting below current market rates. Lutz added that Foxford City has completed all of the units with high-end design improvements and has fully capitalized the homeowner’s association fund.

The loft building offers a variety of one-bedroom plus den lofts, ranging from 900 to 1,106 square feet. Prospective buyers can also choose two-bedroom lofts priced from $229,900 and ranging from 1,043 to 1,360 square feet. Each unit has one or two bathrooms, balconies, and a washer and dryer. The kitchens are equipped with quartz countertops and stainless steel appliances. Residents will have access to a parking garage attached to the building.

Meanwhile, the owners of North America’s tallest building, the Willis Tower in Chicago’s West Loop–formerly known as the Sears Tower–announced its plans to sell the 110-story building. In 2004, a partnership that includes New York investors Joseph Moinian and Joseph Chetrit and Skokie-based American Landmark Properties Ltd. purchased the tower for $841 million. The construction of the 3.8 million-square-foot building was completed in 1973. It became the Willis Tower in 2009 when Willis Group Holdings Inc., based in London, sealed a lease for office space here.