New Home Notebook

Tentatively named Wacker Gateway Park, the Loop’s long-awaited park located immediately adjacent to 235 Van Buren appears to be nearing the final stages of construction. Benches and antique street lamps have been installed, and walkways partially paved. Along the perimeter, trees have been planted, with various other plantings in place or on-site as well. Another section of the park, identical in size to the one pictured above, is on the south side of Congress Parkway.

Also nearing completion is the surprisingly large new dog park southwest of 235 Van Buren. In the interim, the building’s dog owners have been frequenting the main park.

Designed by Ralph Johnson, 235 Van Buren is a new award-winning high-rise condo building. One-bedroom units in the building start at $198,900, 2-bedroom units at $275,900, and penthouses at $339,900.

For buyers looking to hedge their bets on condo ownership and assure themselves that they’ve chosen the right building and location, the recently-launched rent-to-own program at 235 Van Buren has proved popular.

Renters can become buyers at any point during their 12-month lease and receive 30% of the rent they’ve paid as a credit toward closing costs, up to 3% of the purchase price of their unit. You can meet some of the buyers, and hear them discuss their decision to purchase, at the video page for 235 Van Buren.

In this sponsored video, January Sambell  of CMK Realty discusses the program and the wide array of dining options in the area.

A striking new 46-story condominium building designed by Ralph Johnson in the Loop, 235 Van Buren, is launching a rent-to-own program on selected units.

One-bedrooms are to start at just over $1,500 per month, while 2-bedroom, 2-bath units will start at around $2,000 a month. Heat, air-conditioning and gas are all included in the rent.

Renters who execute an option to buy by the end of their 12-month lease will have up to 30% of their rent – not to exceed 3% of their purchase price – credited toward closing costs.

“It’s a great opportunity for people who just need a little more time to save, or fix their credit, or just see if they like living in the Loop,” noted January Sambell of CMK Realty.

235 Van Buren is positioned as a low-amenity building to keep costs low for owners and renters who don’t desire the common-area amenities, or would just prefer to join one of the nearby full-service health clubs. That strategy allows renters to move into a 2-bedroom, 2-bath unit for less than renting a 1-bedroom in some amenity-rich Loop buildings.

235 Van Buren doesn’t skimp, however, on building services or in-unit amenities. Residents enjoy 24-hour door staff, on-site management, multiple bicycle storage rooms, I-GO car service, secured-entry parking and a new convenience store, the second location of the popular South Loop Market. The new Wacker Gateway Park adjacent to the building is nearing completion.

The units have high-style finishes, in-unit washers and dryers, office nooks, private balconies, 10-foot ceilings and expansive views.

235 Van Buren provides residents a walk-to-work location, and extremely convenient access to Chicago’s public transit and expressway grids.

Take a tour of some of the available models at this YouTube playlist, and meet some of the buyers at 235 Van Buren in this series of videos.

When we visited the Loop’s 235 Van Buren, we were initially struck by the architectural details and layout, from exposed concrete walls to a recessed balcony. A deeper look, however, revealed much more.

Scott Hoskins of CMK Realty described this condo as among the best values for a 2 bedroom, 2 bath, new construction unit in downtown Chicago, and the numbers seem to support his case. Priced at $249,900, and containing nearly 1,050 square feet (breaking down to roughly $238 per square foot), it’s easy to see why many still consider it cheaper to own than rent. With warranties, not to mention an outstanding high rise location, Scott estimates that owning Unit 1419 works out to be $500 to $700 per month less than renting a comparable unit.

A more detailed breakdown of the numbers, in addition to a video testimonial from two of their buyers, can be found at YoChicago.