In the spring of this year, Cirrus, a luxury condominium tower in Lendlease, opened its doors to residents. And as move-ins continue at this lakefront property, another Lendlease development is making substantial progress on the banks of the Chicago River: The Reed. Delivery is scheduled for summer 2023.
“In our more than 20 years of selling new construction, these are the highest quality products we have ever been associated with,” said David Wolf, president of Wolf Development Strategies, the consultancy with Lendlease on both projects. “The buyers are very happy.
Construction at The Reed was completed in July and a glass enclosure is expected to be added soon. As part of Southbank, a seven-acre riverside master plan, The Reed is located along the river in the South Loop neighborhood. After The Cooper, it is Southbank’s second development to develop and the first to include units for sale.
Once completed, the 41-story building will house 440 residences: 224 apartments and 216 condominiums. Until then, buyers can use Lendlease’s Lease + Buy program and stay at The Cooper until their new home is complete. Thanks to this program, 50% of the rent is recovered in the form of credit at closing, and the buyers benefit from it. According to Wolf Development Strategies, more than 60% of current Reed buyers use this rental option.
Meanwhile, in the Lakeshore East neighborhood, new residents are already moving to Cirrus. Designed by Perkins and Will, the 47-story tower will feature 350 luxury units and sales are underway. “Now that buyers have the option to drive through Cirrus, they understand what a rare opportunity this presents in terms of floor plan diversity…immediate park and lakefront access and protected waterfront views that are only possible here,” Ted Weldon, executive general manager of development for Lendlease’s Chicago office, said in a press release.
Located at 211 N. Harbor Drive, Cirrus sits at the intersection of the Chicago River and Lake Michigan with direct access to Cascade Park. “Cirrus takes full advantage of its location,” Weldon said. “[It’s] next door to some of Chicago’s finest natural attractions, starting with drive-up access to the entrance and double-height lobby, which showcases the building’s captivating lake views.”
“Lendlease has cracked the code on creating a beautiful, amenity-rich, accessible new-build condo that Chicago desperately needs,” Wolf said. Cirrus and The Reed have a host of convenient facilities. Designed by bKL Architecture, Cirrus has a complete pleasure podium equipped with lounge areas, a multipurpose room, a maker area, a games room, a projection room, a game room and even a soundproof jamming room, stocked with instruments and recording tools… plus multiple pools and a fitness center.
At the Reed, communal facilities are expected to include a pool deck with kitchen and dining areas, a lounge, communal workspaces, and an indoor-outdoor fitness center. Additionally, condo owners will have access to another amenity suite on the second floor, overlooking nearby Southbank Park.
Ranging from 630 to 1,670 square feet, condos are available in one-, two-, and three-bedroom options at prices ranging from $400,000 to $1.4 million.
At Cirrus, one-, two-, and three-bedroom options range in price from just under $500,000 to (and around) $1 million. A penthouse collection is also available, starting at $3 million.
“Cirrus and The Reed are both experiencing exceptional sales velocity,” Wolf said, reflecting on the continued progression of new residences. “We are grateful to the broker community for their support of both developments.”