Developer revamping facade at Park Monroe office conversion
New Homes
(August 2006)

Location trumps curb appeal at Park Monroe, the condominium conversion of 14 floors of Mid-Continental Plaza, the mammoth office building at 55 E. Monroe St., but developers GlenStar Properties and Walton Street Capitol are going all-out to woo buyers to the wide-girthed building with the wonderful views.

Buyers were offered some of the best views downtown Chicago has to offer, along with some unusual upgrade options, including leather floors and marble feature walls, when the developers began taking reservations at the 50-story building on July 15. Homes are being sold in the top 14 floors in two phases, and the rest of the building will remain office space. The first residential phase comprises 162 units, and a later phase is expected to add 185 condos.

The building, with its black glass, clean lines and closely-spaced columns, is typical of the modernist architecture that dominated downtown office towers in the '70s, though it's also one of the largest buildings in Chicago. But in today's high-rise market, where stylish architecture is often a key selling point, Park Monroe faces some hurdles.

Within just a few blocks, its competitors include Metropolitan Properties' conversion of Metropolitan Tower, a classic masonry high-rise topped with a distinct 20-foot beehive beacon, and Mesa Development's new-construction The Legacy at Millennium Park, a striking glass high-rise with a beveled facade designed by Solomon Cordwell Buenz. All three are being sold by Equity Marketing Services.

"We agree that (Park Monroe) is architecturally-challenged at this point," said James Losik, senior vice president with Equity.

But Park Monroe's developers have enlisted architect Goettsch Partners to give the residential portion of 55 E. Monroe a facelift. Goettsch's plan involves removing the decorative columns in the building's facade in the top 14 floors and retaining only the structural supports. Since every second column is decorative, the change will be significant. The idea is to strip a portion of the building's skin and replace it with long walls of clear glass, breaking up the dense pattern of the facade and giving residents broader views.

The developer also will cut terraces into the building to make the facade more interesting and create outdoor space for residents. All residential floors will have terraces except the 35th and 42nd, which will be finished with uniform bands of glass to break up the terraces and give the building a cohesive look.

Fifty-five E. Monroe is such a deep building that the architectural challenges don't end with the facade. Architect Pappageorge / Haymes has been enlisted to design floor plans that maximize available light, Losik says. In some units, the bedrooms don't have windows, so they will be positioned behind the kitchens and separated by partial-height walls that allow them to "borrow" light - a common strategy in adaptive reuse developments.

Equity hopes to appeal to buyers with a range of budgets, offering distinct products on the east and west sides of the building, Losik said.

"Lakefront Collection" units, on the east side of the building, have dramatic views of the lake and Millennium Park. Most of these condos have two bedrooms, but some also come with family rooms that can be converted into third bedrooms. At press time, the homes were priced from the $490s to $1.7 million. The "City Lights Collection," which consists of mostly one-bedroom condos, offers stunning skyline views to the west. At press time, units in the City Lights Collection, which have 923 to 1,050 square feet, were priced from the $310s to the $390s.

Finishes for the Lakefront Collection include GE Profile stainless steel appliances, European cabinets, Grohe faucets and stone bathroom tile. Upgrade options include Linea Quattro lacquered cabinets and built-in cappuccino makers. The list of finishes for units in the City Lights Collection was not available at press time.

Building amenities include a fitness center, screening rooms, a rooftop deck with a covered swimming pool, enclosed parking, a coffee shop, a lower-level dining pavilion and a 24-hour doorman.