Michigan Avenue - Niche Media - Michigan Avenue magazine is a luxury lifestyle magazine centered around Chicago’s finest people, events, fashion, health & beauty, fine dining & more!
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HAUTE PROPERTY 55 East Erie Street is one of the three mainstays in the Cathedral District. continued from page 129 and The Pinnacle in 2002 and 2004 respectively, both designed by celebrated architecture firms of the day: Solomon Cordwell Buenz for the former and Lucien Lagrange for the latter. At the time, the slow suburban apartment mar- ket where Carley was entrenched lured him into the city, where there were rumblings of a condo comeback. "Michigan Avenue has always been ground zero for high-end retail, so landing right nearby was a good bet," he says. Louis Silverman of Development Management Group followed Carley's lead with 55 East Erie Street, hiring archi- tects Fujikawa Johnson Gobel for the exterior and Searl and Associates for the interiors. Financing wasn't easy to procure since "it was really rough here back then," says Carley. But he hit at the right time. "It was the late 1990s, the economy was great, and all these baby boomers who were becoming empty nesters wanted to move to lux- ury locations downtown," says Baird & Warner broker Mary O'Connor (312-543-2079), sales director for 55 East Erie Street at the time. " Michigan Avenue has always been ground zero for high-end retail, so landing right nearby was a good bet. "—CHRISTOPHER CARLEY The Fordham catered to that market with exceptionally spacious apartments with sumptu- ous finishes, top-flight appliances, and large bal- conies—sometimes two or three per unit. "There were also very few one-bedrooms, plus excep- tional services, dis proportionate parking, incred- ible amenities, like a movie theater, a card room, an indoor pool, private massage rooms, a cigar room and storage humidor, a wine cellar, and more," adds O'Connor. "The Fordham was also the first building to have huge 'townhouses in the sky' with large private decks and private two-car garages with elevators right to the unit," points out Koenig & Strey broker Terri McAuley (312- 330-2079), who lived there at the time. The Pinnacle and 55 East Erie embraced the same ori- entation to luxury and exclusivity. Carley also gave the district a neighborly feel- ing, tapping St. James and Holy Name Cathedrals for community programs such as free concerts and a children's art fair. And he started a retail migration to the area when he convinced Material Possessions to relocate from Chestnut and Rush Streets to The Fordham, where he gave them "decent rent because we became the retail anchor," says co-owner Carol Levy. Carley proved visionary when units in The Fordham, and then The Pinnacle and 55 East Erie, "all sold like hotcakes long before they delivered," says O'Connor. Sales remained relatively strong at The Fordham and 55 East Erie even when the economy took a dive, "though The Pinnacle strug- gled a bit, for no apparent reason other than mar- ket saturation," says Baird & Warner vice presi- dent Rick Druker (312-981-2300). Today all three buildings are in high demand, and "in most cases at prices higher than when they delivered—espe- cially the penthouses and combined apartments," notes Druker. At a time when real estate prices have dropped a whopping 34.4 percent from a July 2006 peak, few buildings can boast the same. "We thought the sales we would lose from the tourist trade could be gained back from the new building," adds Levy. Not only did Material Possessions do well in the District, it led the way for other luxury retailers, including Jonathan Adler and Ikram. "I bet Carol Levy only wishes her rent was still at that 2004 rate," teases Carley. MA A master bedroom in The Pinnacle at 21 East Huron Street. Spacious living spaces in The Fordham at 25 East Superior Street. 130 MICHIGANAVEMAG.COM