For those concerned about the lack of new condominium inventory in downtown Chicago, it seems developers are slowly but surely starting to bring more new construction condos to market. Earlier this month we learned more about a possible new Related Midwest project at 451 E. Grand that will be a combination of rentals and condos, while in the Gold Coast, a new condominium tower at 4 E. Elm is already underway that will add 35 ultra-luxurious units to a part of the city that hasn’t seen a new high-rise built in nearly a decade.
Now, it looks as if River North will be the next location for another boutique condo project, as Smithfield Properties LLC has reportedly filed a zoning application to ultimately build a 15 story, 46 unit condo tower that would also include ground level retail space.
Like many developers around downtown Chicago, recent projects from Smithfield Properties LLC have been more focused on high-end rentals—most notably the 35 story, 295-unit tower that’s currently under construction at Chicago and LaSalle.
According to a report from Crain’s, Smithfield Principal W. Harris Smith believes the market is back for new construction condos, especially for luxury boutique units with only the highest quality finishes. As of now, pricing for the new River North condo tower at 400 W. Huron have not been set, but a sales office is expected to open early 2015.