Page 2 - Tribune Tower Article November 2021

11/18/21, 2:36 PM Printable

Deluxe deliveries

Here's how many condos the developers of two high-profile downtown projects have
delivered to buyers

The St. Regis team in particular has been quite closed-mouthed about sales results since the first
residents began moving in last December.

Rob Pontarelli, senior vice president of marketing for Magellan, the developer of the St. Regis,
declined to make anybody on the development or sales team available for an interview with Crain’s.
He emailed a prepared statement that said, among other things, that “sales have exceeded our
expectations” and that “we are approximately 60% sold or under contract.”

According to Crain’s research in the Cook County recorder of deeds online records, by Nov. 10 the
developer had closed the sales of 151 units at its 353-unit St. Regis tower. That’s 42% sold.

It’s difficult to verify the remaining 18%, because developers don’t necessarily publish their not-yet-
closed contracts. On Redfin, the online real estate marketplace, Magellan has marked 18 units under
contract. That’s 5% of the building’s total.

In the early years of the project, when Magellan was partnered with the Chinese hotel firm Wanda, a
fair amount of effort went into attracting international buyers. In the sales records Crain’s examined, at
least 40% of the buyers’ names recorded in public records are Asian. That’s almost 27% of the sales, a
disproportionate figure in a metro area whose Asian population is a little over 6%. This suggests, but
does not confirm, that the international sales effort met success.

https://www.chicagobusiness.com/residential-real-estate/tribune-tower-st-regis-dominate-chicago-condo-market-how-sales-are-going