Forget Hancock Center and Willis Tower. “Show Marina City to anyone in the world, and they immediately know it’s in Chicago. The design is so original that it’s become iconic,” says Chicago Central Area Committee Executive Director (and former Sun-Times architecture critic) Lee Bey of the perfectly round “corn cob” towers.
The Bertrand Goldberg-designed riverfront building — which has all the expected amenities as well as a bowling alley, nine restaurants, eight cocktail lounges and the marina that accounts for its name — is still going strong 50 years after it opened for residents in November 1962. “It’s got a great location, great views and great units,” says RE/MAX broker Michael Michalak (312-527-4417, Mikesellschicago@gmail.com), who specializes in the building. “It’s a great place to buy, especially for first timers, because it’s really undervalued right now. And owner-occupants can obtain a FHA [Federal Housing Administration] loan that only requires a 3.5 percent down payment.” They’re affordable, too: Unit 5605, a rare, totally renovated 1,225-square-foot two-bedroom, two-bath with two balconies is currently on the market as a pocket listing for $480,000 (contact Alto Realty’s Dustin Harvey, 312-222-1111, Dustin@marina-city.com).
There are 896 studio, one-bedroom and two-bedroom units in Marina City, a large enough number to keep the assessments reasonable. Unit costs average $298 per square foot, and most listings fall in the $150,000-to-$250,000 range. Other units currently on the market include:
Studio units: No. 4727 offers 575 square feet for $140,000, and No. 5001 offers the same space for $149,000. For both, contact Baird & Warner broker Kay Miller, (312) 981-2783, Kay.email@example.com.
One-bedroom units: No. 2830 is a 725-square-foot one-bedroom one-bathroom for $252,000, and No. 3329 is a one-bedroom one-bathroom for $239,000. For both, contact Alto Realty broker Dustin Harvey, (312) 222-1111, Dustin@marina-city.com.
Start a furniture fund for your Marina City pad with a savings bank from British design star Tom Dixon. Part of his new Eclectic collection, it’s modeled after an Industrial Revolution-era British factory. $135, Orange Skin, 223 W. Erie, Orangeskin.com