GlenStar Properties LLC

Can home buyers find happiness in what was dubbed a "graceless hulk" last year in a Tribune article headlined "Edifice wrecks"?

The building in question is 55 E. Monroe St., a 49-story retail and office tower built in the 1970s at the corner of Wabash Avenue and Monroe.

Although some people refer to the building as "the black box" because of its blocky appearance, it has one attribute that partners GlenStar Properties and Walton Street Capital are betting will trump its flaws. There are unobstructed views of Millennium Park and the lake from the upper floors.

In space that for years housed a prominent law firm, more than 160 condominiums, including five penthouses, are planned.

"The top floor will become the "amenity" floor so all residents, even those in units overlooking Wabash Avenue, may swim in a lap pool, entertain guests on the roof deck or use the party room with the a panorama of the park and lake below them.

The redevelopment plan calls for floors 42 and higher to be gutted and rehabbed with new windows, heating, electrical systems and plumbing, while business continues in the offices and retail stores below, said Michael Klein, a GlenStar principal.

Wider windows and the addition of recessed balconies on the residential floors should help lighten the exterior look of the building while improving interior sightlines.

To underscore the property's key attribute, the sales offices on the 41st floor is equipped with two full-size models of the dozen or so floor plans.

The models illustrate two key buyers groups the developers hope to capture: young urban professionals for the smaller, mostly one-bedroom units on the west side of the building and the luxury homeowner who seeks the park view and is willing to pay for it in larger floor plans on the east side of the building.

Even the amenities packages are somewhat different, varying between the smaller, west-side Citylights plans and the larger, more expensive Lakefront collection.

Sales opened last summer and the project is nearly 70 percent sold, said sales associate Audra Hall.

The primary buyers have been young professionals who want to walk to work, as well as empty-nesters and suburbanites who are buying a second home, she said.

"A lot of them are testing the waters," thinking about moving downtown, but not sure they want to give up the big house and yard, Hall noted.

The primary buyers have been young professionals who want to walk to work, as well as empty-nesters and suburbanites who are buying a second home, she said.

Another smaller contingent of shoppers are confirmed urbanites from Streeterville, who say the neighborhood north of the Chicago River has become too congested and feels less open than when they settled there several years ago, according to Klein.

The two furnished models -- one a very good floor plan and the other a smart variation on the standard rectangular condo -- are very well done, aided by the sightlines of the building, rather than the photographs to which so many new construction projects must resort.

The larger and more spectacular of the two models is a plan available only on the building's southeast or northeast corners. A two-bedroom residence, the model is shown with an open kitchen and family room, 2 1/2 baths and 2,447 square feet of indoor living space.

Roomy enough for those accustomed to a suburban house, the plan has a sensible traffic flow and a good division of sleeping quarters.

The family room/den area can be split from the kitchen and reconfigured into a third bedroom for those who need it. It is shown with tasteful, but memorable decorating touches -- an inlaid tile mosaic in the foyer and leather flooring in the master bedroom -- for those with the means to buy a million dollar home.

The front door opens to a formal foyer with access to the kitchen/ family room, the living/dining area and the second or guest bedroom.

To the right of the foyer is the 15-by-13-foot bedroom with floor-to-ceiling glass on the south wall overlooking Grant Park. It has a private bath and a roomy walk-in closet and is next to a powder room and a full-size laundry.

At the other end of the foyer from the front door is the 20-by-15-foot family room and kitchen, 19 by 9 1/2 feet. It also has a south view and connects to the 25-by-26-foot living/dining room at the corner of the building. A recessed terrace is off the living and dining area.

Next to the living room is the leather-floored master bedroom, overlooking the Art Institute and Lake Michigan. It is shown with a lavish marble-laden private bath and a large walk-in closet.

No less attention has been paid to the decorating on the smaller one-bedroom, 1 1/2 bath model aimed as those with smaller budgets.

Located on the west side of the building, the 1,040-square foot unit is a standard small condo floor plan. Unlike most, however, the front door opens in the center of the hallway to break up the bowling alley effect of the usual long hallway from the front door past the bath and bedroom to the open living/kitchen area.

The 19-by-18 1/2-foot living/dining area is open to a corner kitchen, roughly 16 1/2 by 8 1/2 feet. The kitchen is divided from the rest of the room by a center island with breakfast bar. The living area wraps around the recessed balcony to form a corner nook, a natural spot for dining.

Less charming is the powder room, one of the biggest I've seen in a one-bedroom condo. Too bad some of the space wasn't shifted into the adjacent utility room, which has barely enough space for a stackable washer and dryer.

Buyers will need to study the available floor plans carefully. The other east-facing floor plans do not look as interesting as the model corner unit. The center entry door for the smaller model applies to only two residences on each floor. To their credit, the developers have not skimped on space -- all the one-bedroom plans are between 900 and 1,100 square feet; two-bedroom units are 1,200 square feet and larger. But they have not skimped on prices either. Some units may start at $350 a square foot but more are upward of $400 to $500 a square foot. Be sure to factor out the outdoor balcony space from the living area when making comparisons.

Buyers of two bedroom and larger units get one space with the price of the condo. Additional spaces are available for $45,000 to $60,000, depending on the size of the space and proximity to the elevator. For guests, the building has a 900-space public parking garage.

Parking is not included in the price of the one-bedroom units so those buyers will have to pony up an additional $45,000 or -- as Hall said many younger buyersare opting to do -- rent space in the public garage on a monthly basis.

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Park Monroe

Base price range: $369,500 to $1,899,500

FACTS AND FIGURES

One- and two-bedroom and two-bedroom with den/family room condominiums, one to 2 1/2 baths.

Square feet: 922 to 2,569

Monthly assessments: $420 to $1,053

Developer: Joint venture of GlenStar Properties LLC and Walton Street Capital LLC

AMENITIES

Up to 10-foot ceilings, hardwood flooring

Granite kitchen countertops, GE and Bosch kitchen appliances, laundry hook-ups.

Individually controlled heating/cooling.

Units available with or without recessed balcony.

Community: 162 condos, including duplex penthouses, atop a retail/office building with views of Millennium Park.

GETTING THERE

Address: 55 E. Monroe

Phone: 312-855-0550