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

Mature Buyers Define Space Differently, both Inside and Out

July 19, 2004

Besides maintenance-free living, one thing that the baby boomers can agree on is attractive outdoor living space that they can enjoy from a distance and indoor space that accomplishes a changing lifestyle.

"Mature buyers don't want to continue being responsible for taking care of big yards. They've had enough of that over the years. But they do appreciate their home being framed by attractively landscaped environments when they are outdoors and providing views they can enjoy from the inside out" observed Tripti Kasal, a vice president of Rubloff Residential Properties exclusive marketing agent for State Place, the unique residential/retail mixed-use complex that is replacing the former Chicago Police headquarters building in the South Loop.

"To cater to that preference, first of all you either have to be lucky enough to have a development site endowed with natural features, or you have to find a way to create them yourself," said Kasal. "In an urban setting, the latter is usually what's available, and that is just what we have done at State Place."

State Place features a quartet of structures - consisting of a total of 243 condominium residences - atop a three-story base of parking and 65,000 square feet of retail space, all on the east side of State Street between 11 th Street and Roosevelt Road. Construction is underway, a two-bedroom model is open for viewing at 1140 S. Wabash, and delivery is scheduled for this autumn.

A total of 31 one- to three-bedroom floor plans are offered by the developer, State Street Associates LLC - a partnership of Mesirow Stein Real Estate Inc., Near North Properties, Northern Realty Group Ltd. and Canyon-Johnson Urban Fund. The plans range in size from 750 to 2,511 square feet; the 159 residences in the 24-story tower range in price from $281,800 to more than $1,000,000 while the 84 residences in amongst the three Terrace buildings range from $380,800 to $649,800 (all prices and availability are subject to change without notice).

The brick and stone residential buildings, created by project architect Loewenberg and Associates and project designer DLK Archtecture, are linked by lush, park-like terraces four stories above the street - a series of large private gardens for the pleasure of residents that punctuate the space between the buildings while visually liking them together.

"The effect of the fourth-level terrace not only creates a private plaza for the enjoyment of the residents, but also creates an alternate view - a green oasis four stories above the street, visible from the balconies of the condos above," said Kasal. "We've added what Mother Nature didn't, without diminishing the convenience of the street-level reail space or the on-site parking. And there are other amenities attached to it as well."

James Loewenberg, president of Loewenberg and Associates, declares that, from an aesthetic angle, State Place "provides a truly extraordinary urban experience with the distinctive architecture of its residential structures, each carefully sited within a welcoming streetscape and nestled among the rooftop gardens."

The largest of the outdoor terraces will have an outdoor swimming pool and sun deck. Adjacent to that will be a community room, a business conference center, and a guest suite for our resident's overnight visitors. An indoor bicycle storage area and storage lockers will be provided.

"The Terraces allow residents all the benefits they were looking for in a downtown location - the proximity to the Loop, the nightlife, whatever it may be - and also introduced the open space that is so rarely found in town," Kasal said. "Empty nesters often prefer a green vista, but they certainly don't want to have to mow it."

Another dimension of "space management" vital to empty nesters of all ages is organizing inside space in a manner that accommodates a different lifestyle from rearing a family.

"Generally speaking, this means more open floor plans, in accordance with a lifestyle change that leans strongly to more informal dining and entertaining," said Kasal. "The most important thing to most of these seasoned buyers is not the quantity of space but how effectively it is planned to suit their needs and wants."

She added that the wide range of layouts "allows us to better meet those needs. The one-bedroom residences may be a favorite of singles or just-married couples looking for a downtown location to minimize their commutes, but the two- and three-bedroom plans, some of which can rival single-family homes in size, may be perfect for empty nesters who want space for all they've accumulated over the years without the maintenance chores of their previous homes and still have room for visiting grandchildren."

State Place 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 entry, kitchen, living and dining areas and plush wall-to-wall carpeting in the 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 will be included.

At street level, the collection of neighborhood shops will include a Fitness Formula health club and spa; a Walgreens pharmacy, a 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 level with spaces for the vehicles of their guests as well as for those of retail patrons on the second level.

State Place is within convenient walking distance of the central business district and government offices, a 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 along State Street and the Magnificent Mile of Michigan Avenue is easily reached with the fast and frequent public transportation. 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 - will provide a direct link to Midway Airport, as well as connections to O'Hare Airport and other key destinations.

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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