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

Luxury Terrace Residences Available at State Place in South Loop

September 10, 2004

CHICAGO--State Place, a unique mixed-use retail and residential development, is nearing completion at 11 th and State streets in the thriving South Loop neighborhood.

Comprised of a luxury 24-story tower, three architecturally interesting mid-rise buildings and a variety of retail shops, State Place will include 243 residences when completed.

"State Place is its own community within city limits, stretching a full block on State Street from Roosevelt to 11 th ," said Michael A. Tobin, CEO of State Street Associates LLC, the partnership developing the project.

State Street Associates LLC is a partnership of Mesirow Stein Real Estate, Inc., NNP Residential Development, Inc., Northern Realty Group, Ltd. and the Canyon Johnson Urban Fund LP .

"This sophisticated neighborhood, which features stunning architecture and superb landscaping and gardens, will feature every amenity and convenience," Tobin said.

Construction on State Place began in 2003, with first occupancies slated for late 2004. To date, 65-percent of the residences are sold.

Three 28-unit, 7-story mid-rises--located at 1133, 1155 and 1177 S. State Street--will feature luxury Terrace Residences, including 2 or 3 bedrooms, 2 baths and 1,359 to 1,905 square feet of living space. Prices range from $380,800 to $654,800.

Only about 20 Terrace Residences remain for sale at State Place on floors four, five, six and seven of the mid-rise buildings. One Terrace Residence, Unit 405, is a 2-bedroom, 2-bath home with 1,359 square feet of living area. It is base priced at $435,800.

"The Terrace Residences have oversized balconies overlooking the private terrace gardens, and terrace penthouses feature wrap-around outdoor living areas," said Judy Howard, sales associate with Rubloff.

In addition to three-quarters of an acre of lavish gardens and carefully planned outdoor space, State Place residents also have access to an outdoor pool and sundeck.

Other amenities include valet cleaning, 24-hour door staff, a guest suite for overnight visitors, a receiving room, business center and hospitality room for entertaining.

"Buyers also have a wide selection of Tower Residences and Penthouse Residences from which to choose," Howard said.

The Tower Residences, located at 1111 S. State Street, feature 1 to 3 bedrooms, 1 or 2 baths and 791 to 1,412 square feet of living space. Base prices range from $281,800 to $515,800.

Three penthouses--located on the 24 th floor--are part of the mix, including 2 or 3 bedrooms, 2 to 3½ baths and 1,874 to 2,511 square feet of living space. These stunning residences are priced from $845,800 to $1.145 million.

All home interiors at State Place feature high quality finishes. Kitchens include granite countertops and back splashes, oak or maple cabinets and a luxury appliance package.

Hardwood flooring is standard in the entry, living and dining areas and kitchen. Every residence features a wall of windows that frame the panoramic city and garden views.

Located within the State Place community is a full-service Walgreens, a 26,000-square-foot Multiplex Clubs health club with spa services and a Charter One Bank. The Shops at State Place will include a total of 65,000 square feet of ground-level retail shops, restaurants and boutiques.

In addition to all the convenience, State Place buyers also will be able to enjoy the lush landscaping and terrace gardens.

"Although State Place is set in the bustling South Loop, the gardens provide residents with a quiet oasis where they can escape the rush of the city around them," said Tripti Kasal, vice president and managing broker of Rubloff Residential Properties' South Loop office.

"They have all the best the city has to offer right at their elegantly designed doorstep, but a serene place to retreat and relax at the end of the day," she said.

The South Loop continues to grow and lead the city with its many conveniences and amenities afforded to the residents of State Place.

Shopping in the South Loop soon will range from quaint boutiques to "big box" retailers within the span of a year. Home Depot, Target and Whole Foods are reportedly planning to open new locations in the South Loop neighborhood.

For grocery shopping, a two-level Jewel/Osco store is open at Wabash and Roosevelt Road and a Starbucks is across the street.

The neighborhood also is near to some of Chicago's best-loved landmark attractions, including the Museum Campus, Soldier Field, Navy Pier and Grant Park.

Residents are close to great clubs and restaurants such as Room 12 at Roosevelt Road and Wabash; Opera, 1301 S. Wabash; Chicago Firehouse, 1401 S. Michigan; Gioco, 1312 S. Wabash; Hackney's Printer's Row, 733 S. Dearborn; and Blackie's, 755 S. Clark.

Other South Loop night spots include Buddy Guy's Legends, 754 S. Wabash; The Cotton Club, 1710 S. Michigan; HotHouse, 31 E. Balbo; Kasey's Tavern, 701 S. Dearborn; Tantrum, 1023 S. State; and The Velvet Lounge, 2128½ S. Indiana.

Summer means festivals at Grant Park, and residents of State Place can walk over for the fun. Events featuring free music, food and crafts include the Taste of Chicago (June 25 through July 4) and the Chicago Jazz Festival (September 2 through 5).

And the best may be yet to come, as the South Loop continues to evolve into one of the best neighborhoods in the city.

Last fall, City Hall unveiled its Near South Community Plan for South Loop residents. The master plan accounts for condominium towers, greenspace, shopping districts, and car and pedestrian traffic patterns over the next two decades.

State Place affords easy access to major highways, including the Kennedy and Eisenhower expressways, Lake Shore Drive, Michigan Avenue and Roosevelt Road.

The CTA's Green Line, Orange Line and Red Line commuter train stations are a short block away, and the Metra and South Shore railroads are easily accessible.

The sales center and furnished model condominium at State Place is located at 1140 South Wabash Avenue. Sales center hours are 11 a.m. to 6 p.m. on Monday, Wednesday and Friday and from noon to 7 p.m. on Tuesday and Thursday. The sales center is open from 11 a.m. to 5 p.m. on Saturday and Sunday. Free visitor parking is available at the center. For more information, please call 312-957-1177, or visit www.StatePlaceChicago.com .

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