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ago," notes Smith. "What I can do on a luxury project now [will yield] an incomparable living experience." His eyes light up as he waxes poetic on the sumptuous stones and smartly designed kitchen systems he's found on recent treks abroad. Smith parlayed a small residential contracting business begun as a college student in the 1970s into Smithfield Properties, a thriving commercial and residential development business. Then he redefined Chicago's luxury condominium market in the oughties with a string of high-profile, archi- tecturally shrewd high-rises. With their glassy façades, bold truss work, and astute use of the most economical yet effective build- ing materials of the moment—be it concrete or steel—each is sleek, luminous, and structurally smart, not to mention flawlessly location savvy. Cases in point: River North's 2002 Erie on the Park, which gave the area sky-high terraces and fabulous views where there were previously none; its kitty-cornered 2004 sibling, Kingsbury on the Park, which did more of the same; and 2007's mixed-use Joffrey Tower, which brought fresh energy to the busy Loop with a breath- taking 50-foot-high cutout in its gut. But it is 30 West Oak that, thus far, has been the jewel in Smith's crown—and a market game changer. When it was built, the building sold out quickly for $495 per square foot. "That was considered sky-high back then, but now it's going for well over $1,000 per square foot," says @properties broker Beth Wexner, who has executed a record 12 resales in the building. In a post-crash market, where most property values still haven't risen above 2006 sales numbers, "that's remarkable," she notes. The success of 30 West Oak Street, Wexner says, "is a testament to Smith's forward thinking mind-set. He tapped into what people want in a luxury building: an intimate number of units; large, unique floor plates; and fabulous finishes and modern architecture." As successful as 30 West Oak has been, Smith has even higher hopes for his latest project. "I know 400 will be better than 30 West Oak Street, and even more profitable," says the developer confidently. Smith has always been exacting about his proj- ects, regardless of price point. "Bill truly delights in every nuance of design—at every level," says acclaimed Chicago designer Rick Valicenti, who heads Smith's branding agency, Thirst. "He's super intense to collaborate with. He pushes, and wel- comes the push back." "Bill kick-started a number of neighborhoods, not as the first but always as the developer with the best lux- ury product for the price," says @properties cofounder Thaddeus Wong. He was doing more of the same when he kicked off the strapping yet undeniably sculp- tural 28-story SoNo in a no-man's land of big-box stores just south of North Avenue and east of the Chicago River in 2007. At the time, the project "hit the vibe, geographically," notes Ruttenberg. Millennials bought in droves, but when the bottom fell out of the market in 2007, buyers walked. "I had to sell it twice. By then I was so exhausted I retired," says Smith, who decamped to his second home in Arizona in 2008. The retirement was short-lived; Smith's fighting spirit brought him back in 2010. "I realized there was an apartment shortage, and I owned a piece of land near SoNo that was zoned and ready to go," he explains. Today, the first building is called SoNo West, and the newer one, a rental tower, is SoNo East. Using the momentum gained from his former proj- ects, Smith is diving back into the market with both feet at 400 West Huron Street, already a fast seller. He's also continuing to dabble in the rentals game at the now-leasing 805 North LaSalle Street, a high-style tower with sexy amenities and sensible rents. In inimi- table Smith style, he says, "It's a new concept I call 'affordable luxury.'" Regardless of the project, for big- ticket Chicago buyers the lesson of hindsight makes it clear: When it comes to a Smith building, the smartest time to get in is right from the start. MA trend spotting Boutique luxury buildings are on the rise in Chicago. Bill Smith helped create the demand for Chicago's boutique luxury scene, featuring properties with large-scale units and a small-scale atmosphere providing superior services. Besides Smith's 400 West Huron project, here are three more newly an- nounced projects to keep in mind, all in their sales phase, with delivery dates about a year away. 100 West Huron street. This 14-story River North property from Related Realty and Akara Part- ners boasts 28 units, with prices projected to start at $985,000. 312-274-3922; 100westhuron.com 4 east elm. In the Gold Coast, this Solomon Cordwell Buenz project will rise 27 stories, feature 35 units, and will be priced at $2.2 million to $7 million. 312-542-1144; 4eastelm.com tHe ronsley. Another River North property—this one at 678 North Kingsbury Street—this project from LG Development Group wraps around the old Ronsley warehouse and will feature 41 units ranging in price from $889,900 to $5.4 million. 773-227-2850; lgde velopmentgroup.com "I KNow 400 weST HuRoN STReeT wILL Be BeTTeR THAN 30 weST oAK STReeT, AND eveN moRe PRofITABLe." —bill smith 30 West Oak is now selling for well over $1,000 per square foot. above: 1025 North Dearborn. 128 michiganavemag.com haute property News, Stars, and trends in real estate