The Ritz-Carlton Hotel Company and the Chicago-based Prism Development Company, are planning to construct a 40-story, 360,000-square-foot, Ritz-Carlton-managed residential tower on a prime site at North Michigan Avenue and Erie Street in the heart of the ‘Magnificent Mile’.
Formerly occupied by The Terra Museum of American Art which closed its doors in October 2004, the site has long been considered one of the premier development opportunities in downtown Chicago due to its prominent North Michigan Avenue address, proximity to world-class shopping, dining and entertainment; and convenience to Chicago’s leading corporate headquarters.
Designed by the renowned Chicago architectural firm, Lucien Lagrange Architects, designer of many of Chicago’s grandest residential buildings, The Ritz-Carlton Residences, Chicago, Magnificent Mile will feature 86 ultra-luxurious residences ranging in size from approximately 1,370-square-foot, one-bedroom homes to grand penthouses of more than 5,700 square feet. The building will also include parking for 177 cars, 21,769 square feet of retail space, and the offices of The Terra Foundation.
“The Ritz-Carlton Residences will be the architectural icon that will bring back the understated elegance of the 1930’s,” said Lucien Lagrange.
Just one of the special features offered by the project is a full-floor private club reserved exclusively for homeowners. Elegantly styled by celebrated architecture and interior design firm, Darcy Bonner and Associates, the club will feature a grand salon, private dining room/board room, a billiard room and wine cellar, a screening room, a state-of-the-art exercise facility and spa.
“The club represents a synthesis of modern luxury with the classically inspired proportions and styling of the 1930’s,” added Darcy Bonner.