January 2, 2019
The River City Condo Association agreed to a bulk sale of all 449 residential units for the largest condominium deconversion in Chicago history. The closing finalizes attempts to acquire the property that began in 2016 and were stalled when condo owners voted to reject a revised offer this past spring.
A newly formed joint venture among The Wolcott Group, Marc Realty, Ruttenberg Gordon Investments and funds managed by Elliott Management Corporation purchased River City for a reported $90.5 million. The new ownership plans to transform the building with a full redesign and renovation , including its office and retail components.
“With more than 250,000 square feet of office and retail, this is an incredible opportunity to maximize the space to create experiences and daily conveniences for both the renters and South Loop community,” said Ruttenberg Gordon’s David Ruttenberg.
Luxury Living Realty Chicago will market the renovated apartments for lease.
For comments, questions or concerns, please contact Paul Bubny