The recent sale of the residential tower at 111 W. Wacker Drive set a record for the city and caught the attention of the Wall Street Journal.
The tower, which was originally conceived as a 90-story hotel/residential condo building sputtered out during construction and sat idle until it was purchased by Related, who re-designed it as a 60-story residential rental tower and completed construction.
It was purchased for $328.2 million or more than $650,000 per unit by Heitman, a Chicago-based global real estate investment firm.
The purchase price is so high that the firm must be contemplating the return of the downtown condo market, according to experts quoted by the Wall Street Journal. In that case, the units would all likely be priced at $1 million.
Those prices for condos are possible, the Journal reports, as the downtown market returns and matures and the neighboring River North area continues to expand its restaurant and night life options.
For the full story, head here.
Photo of 111 W. Wacker under construction last year via Wikipedia.