CHICAGO, IL - The River City Condo Association agreed to a bulk sale of all 449 residential units, making River City the largest condominium deconversion in Chicago history. A newly formed joint venture among The Wolcott Group, Marc Realty, Ruttenberg Gordon Investments and funds managed by Elliott Management Corporation purchased River City. The new owner plans to transform the building with a full redesign and renovation of the lobby, common areas, residential units, and the retail components of the property.
“River City is an iconic building from visionary architect Bertrand Goldberg that offers residents a unique combination of city and river views,” said Ari Golson, Principal with The Wolcott Group. “We look forward to updating and modernizing the building while respecting the architect’s original vision for a live, work, and play environment. We will also be updating residential units to meet today’s renter preferences and adding amenities for the South Loop community, such as a warm and welcoming lobby, brand new fitness center, and multiple co-working and gathering spaces”.
The group also plans significant renovations for the office and retail spaces within the property.
“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 Investments Managing Partner David Ruttenberg. “We look forward to renovating this space to fit today’s office and retail landscape with a heavy emphasis on building community.”
Renovations will begin in early 2019, and River City Apartments will begin welcoming new residents in March. In addition, many former River City condo owners are choosing to stay in their unit or move to a newly renovated unit at River City Apartments.
“We are excited to see what the new owners have in mind for River City. We love the location and uniqueness of this building, it has so much potential” said Lisa Hernandez, a current River City resident. “We're looking forward to seeing our amenities like the lobby and River Road restored and modernized.”
River City Apartments will feature a lobby with multiple lounges and co-working spaces, a party room, an acre of outdoor space with lush landscaping, outdoor grilling stations, bocce ball, shuffleboard courts and a convenient dog run. Units range from studios to four-bedroom penthouses. Apartment rental rates have yet to be announced.
Apartments are being designed by Devon Grace Interiors, and Luxury Living Chicago Realty is the exclusive marketing and leasing brokerage. River City Apartments will begin leasing in early February. For more information about the apartments and plans for River City, visit www.RiverCityApts.com
About The Wolcott Group: The Wolcott Group LLC is a boutique private equity real estate investment company that invests in a variety of opportunistic, transitional, and complex value-add situations. The Wolcott Group specializes in acquiring real estate and real estate secured assets. The company invests throughout the capital structure and across a broad spectrum of real estate asset classes. For more information, visit www.wolcottgroup.net.
About Marc Realty: Marc Realty is a full service commercial real estate company recognized for its portfolio of premier-located office buildings in the Chicago metropolitan area. Founded in 1976 by Sol, Elliot and Laurence Weiner, the company is now headed by its three principals, Elliot Weiner, Laurence Weiner, and Gerald Nudo. Marc Realty leases and manages a portfolio of about 40 office properties throughout Chicago and employees over 300 people. For more information, visit www.marcrealty.com.
About Ruttenberg Gordon Investments (RGI): Ruttenberg Gordon Investments (RGI) is a private company specializing in real estate equity investments, loans secured by real estate, private equity and structured debt. RGI invests in real estate located in core locations including multifamily, retail, covered land, hospitality, flex industrial, loft office and condominium development. visit www.ruttenberggordon.com.
About Elliott Management Corporation: Elliott Management Corporation manages two multi-strategy funds, Elliott Associates, L.P. and Elliott International, L.P., which together have approximately $35 billion under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest hedge funds under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. Since 2009, Elliott has invested more than $9 billion in direct commercial real estate across the United States, Europe, and Asia, in addition to significant investments in CMBS and other real estate securities.