Walton on the Park

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2 W Delaware Place, Chicago, IL

Walton on the Park
WaltonontheParkChicago.jpg

Walton on the Park in the Gold Coast of Chicago
Building Information
Developer Enterprise Cos. and Mesirow Financial Real Estate
Architect Pappageorge Haymes
Management Company FirstService Residential Illinois
Number of Units 198
Number of Floors 39
Year Built 2010
Construction Method Concrete
Type of Roof IRMA
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2 W Delaware Place, Chicago, IL
Distance to Public Transit 32 nearby routes
Region Chicago
Municipality Chicago
Zoning PD 1043
Title of Land Condominium


Contents

Background

Walton on the Park is a luxury high rise condominium residence that is mostly comprised of luxury rental units. Planned as an ambitious development in one of Chicago’s most affluent neighborhoods, Walton on the Park fell victim to timing and circumstance, as the project was severely impacted by the financial crisis of 2008. Although the apartments for sale offered buyers some of the most spacious floor plans in downtown Chicago, by 2008 the condo market in the city had all but been erased. While construction continued throughout 2009 and 2010, the original proposal was scaled back substantially. The project was originally intended to have two towers of residences that would feature over 450 apartments, but the second tower was dropped in 2010 due to low sales within the building. By the end of 2010, only 16% of the units had been sold, and the project was on the verge of foreclosure, but a last minute investment avoided this outcome and Walton on the Park was revamped as a luxury rental building. It remains a luxury rental building to this day.

Location

Located at the intersection of W Delaware Place and N State Street, Walton on the Park finds itself in the neighborhood of the Near North Side of Chicago, and specifically in the area of the Gold Coast. Known for its high level of affluence, the Gold Coast is comprised mostly of high rise apartment buildings and low rise residential blocks. The area became a destination for the city’s affluent population beginning in 1885 when businessman Potter Palmer built Palmer Mansion on Chicago’s Lake Shore Drive. This mansion was an exercise in excess and was designed to resemble a medieval castle. Chicago’s wealthy elite eventually followed Palmer to the Gold Coast, and a century later, the Gold Coast had become the second highest concentration of personal wealth in the United States behind the Upper East Side in Manhattan. Today, many of the world’s luxury brands have boutiques and stores in the Gold Coast, including Armani, Chanel, Gucci, Prada, Cartier, Yves Saint Laurent, Louis Vitton, March Jacobs, Ralph Lauren, Versace, DKNY, Ferrari, Porsche, and Lamborghini. [1]

With a Walk Score of 100 out of 100 and a Transit Score of 93 out of 100, residents of Walton on the Park do not require a car to complete their daily errands, as they are close to an abundance of food, shopping, home services, and transit options. With a Bike Score of 70 out of 100, cyclists will love the flat grades and find some good bike lanes nearby. [2]

Construction

Walton on the Park was developed by a partnership between Enterprise Cos. and Mesirow Financial Real Estate, with Ronald Shipka and Richard Stein acting as principles respectively. The architectural firm of Pappageorge Haymes was hired, and construction broke ground in early 2008 after getting approval for a $130 million construction loan from Corus Bank. The original plan for the site was to build two towers of condominium residences with a landscaped park connecting the two buildings, but the financial crisis of 2008 soon put these plans in jeopardy. Instead, construction continued on the South tower, and it was completed in 2010 with 198 apartment units for sale.

It was around this time that the project ran into financial problems, as by the end of 2010, a mere 33 units had been sold, and the developers faced the prospect of foreclosing on their loan and relinquishing the building to ST Residential LLC, a private equity firm that had taken over the loans and assets of Corus Bank when it went under in 2009. While this fate appeared imminent, in March of 2011 the building received a reprieve in the form of Dart Container Corp, who paid of the building’s loan in full. Moving forward, Dart Container Corp decided to rent the unsold units within the building, and plans for the second tower were discarded altogether. While interested buyers can still purchase units within Walton on the Park, the building operates primarily as a luxury rental. [3]

Layout and Features

Standing 39 stories and holding 198 units, Walton on the Park is a high rise residential condominium building that offers luxury rentals in Chicago’s Gold Coast neighborhood. The apartments range in size from one to four bedroom units, and span 920 to 3,435 square feet of living space. Floor plans in this building are extremely spacious, and offer many oversized rooms and living areas. The apartments have floor to ceiling windows, hard wood floorings, and high ceilings, while select units come with balconies. The kitchens are equipped with Viking appliances, wooden cabinetry, and imported granite countertops. The bathrooms are finished with Italian marble, Kohler fixtures, and Hansgrohe faucets. [4]

Floor Plans

A selection of floor plans is presented.

Amenities

Residents of Walton on the Park enjoy a long list of luxury amenities, including:

  • 24 hour Doorman
  • On-site Property Manager
  • Fitness Center
  • Full sized lap pool
  • Saunas
  • Whirlpools
  • Resident lounge with full Chef’s kitchen
  • Roof Deck
  • Landscaped meditation garden
  • Outdoor kitchen by Viking
  • Outdoor fireplace

[5]

Bylaws

Walton on the Park Bylaws
Rentals Yes
Pets Yes
Age No
Barbecues Yes


  • This building allows rentals.
  • There are no age restrictions for this building.
  • This building is pet friendly.


Sustainability

To date, Walton on the Park has not received any LEED certifications, and therefore it is not designated as a green building. Residents who wish to help improve the building’s overall sustainability can do so in numerous ways, including:

  • Installing more energy efficient materials and appliances when updating/renovating their apartments
  • Participating in Chicago’s recycling programs
  • Forgoing car ownership in favor of walking and taking public transit in order to reduce their carbon footprint

Trivia

  • This building is also known by the address of 900 North State Street. Had the original plans for the two tower design gone forward, this building would have been known as the South Tower. [6]
  • Walton on the Park’s name is derived from the fact that it overlooks Washington Square Park, more commonly known in Chicago as Bughouse Square. A popular tourist destination, this park was landmarked and added to the National Register of Historic Places on May 20th, 1991. [7]

References

  1. Wikipedia - Near North Side, Chicago
  2. Walk Score
  3. Chicago Real Estate Daily
  4. Walton on the Park Official Site
  5. Walton on the Park Official Site
  6. Emporis
  7. Wikipedia - Washington Square Park, Chicago

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