For Immediate Release
For more information:
Tricia Van Horn, 312/943-2100
Larry Schaffel, 312/642-8869

What Makes a Great Location

June 25, 2004

Although a city such as Chicago extends into numerous neighborhoods where home buyers feel a sense of community, when most people hear the term "moving into the city," they think of downtown. And many who have that reaction also believe that buying a home in the city means you're living in the middle of Michigan Avenue at rush hour.

That may be true in some cases, but not in all; one case in point is State Place, the unique residential/retail mixed-use complex that is replacing the former Chicago Police headquarters building in the South Loop.

"There are different perceptions of what constitute a great location for a new home," said Tripti Kasal, sales manager for the community, which is being developed by State Street Associates, a partnership of four distinguished real estate organizations: Mesirow Stein Real Estate Inc., Near North Properties, Northern Realty Group Ltd. and Canyon-Johnson Urban Fund. "Living in the city can be anything you want it to be."

The unique residential/retail State Place development is actually the antithesis of fast-paced city living. A cornerstone of the resurgent South Loop neighborhood, the community will combine 243 condominium homes with 65,000 square feet of community-friendly shops on the east side of State Street between 11 th Street and Roosevelt Road. A two-bedroom model is open for viewing at 1140 S. Wabash.

"You're still near great restaurants, great shopping, and the unbeatable downtown Magnificent Mile," said Kasal, "but you're not on top of it. We've found a location that offers luxury and location, without the hustle and bustle."

At State Place, residents may choose to enjoy the surroundings without immersing themselves in the city around them, thanks to the series of private gardens on the fourth level, above the retail space and parking garage, that separate the quartet of buildings while linking them as a neighborhood. The largest of the terraces, adjoining the 24-story State Place Tower, will have an outdoor swimming pool and sun deck. Alongside the deck will be a community room, a business conference center, and a guest suite for our residents' overnight visitors. An indoor bicycle storage area and storage lockers will be provided.

And a definition of luxury doesn't necessarily mean living right on Lake Shore Drive, Kasal added. "For those people looking for a prestigious address, that's just what they'll get living on the drive, and they'll pay for it. However, we like to think where and how you live is more important than where you get your mail, and isn't the money better spend on the home itself.

A portfolio of 32 one- to three-bedroom floor plans is offered at State Place, ranging in size from 750 to 2,511 square feet in a quartet of structures that includes the 24-story Tower Residences and three four-story Terrace Residence buildings. The 159 Tower residences range in price from $281,800 to more than $1,000,000 while the 84 Terrace residences are base-priced from $380,800 to $649,800 (all prices and availability are subject to change without notice).

"Living in the city can mean so many wonderful things, and something different to each person," said Kasal. "Those suburban residents who are moving back to the city will find it to be very different place - especially this area, which has seen a rebirth in the last decade, and a very strong new identity in just the past few years."

For those who do venture beyond the walls, they will find a city ready to cater to them. "One of the most exciting features of State Place, aside from its unbeatable value, is its location," Noted Michael Tobin, managing principal of Northern Realty Group Ltd., a joint venture partner. "It's within convenient walking distance of the central business district and government offices, as short stroll to the Museum Campus and Burnham Park Harbor, and it's across the street from a large Jewel/Osco food market. The South Loop's first Target store will soon be built a few blocks away, and shopping on State Street and the Magnificent Mile of Michigan Avenue is easily reached with fast and frequent public transportation."

"Add to that the fact that this is the city's fastest growing residential neighborhood - a magnet for new entertainment choices, restaurants and clubs," he continued. "State Place will also have access to an underground connection between two CTA 'L' stations - the Red Line's Roosevelt Road stop under State Street and the Orange and Green Line stops at Roosevelt Road above Wabash Avenue."

James Loewenberg, president of Loewenberg and Associates, declares that, from and aesthetic angle, State Place "provides a truly extraordinary urban experience with the distinctive architecture of each of its residential structures carefully sited within a welcoming streetscape and rooftop gardens. It is an exciting, mixed-use concept that creates an oasis within an urban setting."

The building's base, which runs the length of the entire block between 11 th and Roosevelt, will feature, at street level, a variety of neighborhood shops including Fitness Formula health club and spa; a Walgreens pharmacy, Charter One Bank, and a hair salon, as well as a variety of restaurants and other merchants. Deeded and secured private parking for residents will be located on the third floor with spaces for the vehicles of their guests as well as for those of retail patrons on the second level.

The Tower will have 24-hour doormen and a security desk serving the entire complex and each Terrace building will have a private entry lobby at street level.

Residences will include space-stretching nine-foot ceilings in all living areas, with 10-foot ceilings in the three-bedroom Terrace units and the top two floors of the Tower. Other amenities include finished wood flooring in the entry, kitchen, living and dining areas and plush wall-to-wall carpeting in bedrooms. Each residence will have a private balcony, terrace or yard, individually controlled heating and cooling system, energy-saving insulated windows, individually metered circuit-breaker panel and pre-wiring for cable TV and high speed telephone, data lines and Internet access. In-unit washers and dryers also will be included.

Rubloff Residential Properties is the exclusive residential sales agent for State Place, whose sales center and disply model at 1140 S. Wabash Ave. are open weekends from 11 a.m. to 5 p.m., weekdays from 11 a.m. to 6 p.m., or by appointment. For additional information, please call (312) 957-1177 or visit the State Place Web site at www.StatePlaceChicago.com.

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