Newsletters

In a further update on the progress of construction, we are pleased to share this latest information with you.

With the caissons and now foundations complete, the first slab of the building was poured in mid April. Working north to south, the ground floor slabs will be poured by the middle of May. The building core walls have also been poured to just below the ground floor slab. Electricians, plumbers and mechanical contractors are coordinated on the lower level and currently installing all sub-grade work. Towards the end of May you will see the most common fixture in new construction, the tower crane rising hundreds of feet into the air.

Bruce Schultz and Jon Rodgers
Principals, Prism Development Company

Art Chicago

The Ritz-Carlton Residences, Chicago is proud to be a sponsor of Art Chicago® 2010, the annual international fair of contemporary and modern art. In its 30th edition, Art Chicago brings together the world’s leading emerging and established galleries. One of Chicago’s most anticipated events of the spring, Art Chicago offers curators, collectors, artists and art enthusiasts a comprehensive survey of current and historic work, from cutting-edge to modern masters in a wide variety of media including: painting, photography, drawings, prints, sculpture, video and special installations.

Located on the 12th floor of The Merchandise Mart, Art Chicago will feature events throughout the weekend, enticing both the novice and experienced collector. First Focus, a private Preview held in conjunction with and benefiting the Museum of Contemporary Art, followed by Professional and Opening Previews, will open Art Chicago on April 29.

Throughout the four days, cutting-edge speaker programs, Art Chicago Speaks and Converge Chicago: Contemporary Curators Forum will feature an international roster of artists, writers, curators and critics, discussing current trends and provocative issues confronting the contemporary art market.

In addition, the fair will also feature onsite exhibitions including New Insight, an annual exhibition of rising MFA students from the country’s most influential art programs, curated by Susanne Ghez of The Renaissance Society; Partisan, a display of works that critically explore social and political ideas; and Survey America, a floor-wide exhibit that highlights extraordinary works by artists living and working in the United States. Collectors programs include a Docent Program, which debuted successfully in 2009 to museum, corporate and school groups, led by art professionals and consultants to help patrons.

Please visit The Ritz-Carlton Residences, Chicago lounge at Art Chicago, which is located on the twelfth floor in Space #138 and will be open during the show hours:

April 30, Friday: 11 – 7 pm | May 1, Saturday: 11 – 7 pm
May 2, Sunday: 11 – 6 pm | May 3, Monday: 11 – 4 pm

For more information on Art Chicago 2010, including purchasing tickets for any of the weekend events, please visit www.artropolischicago.com or call 312-527-4141.

Welcome Niedermaier!

We are excited to announce that the well established, internationally renowned design firm, Chicago-based Niedermaier, has been awarded the project to design and create the public spaces of this exceptional building. With over 40 years of experience, Niedermaier has excelled in the spheres of commercial, hospitality and residential design.

With their expertise in creating and manufacturing distinctive modern furniture, lighting and accessories, Niedermaier will bring an exclusive perspective and design to the Ritz-Carlton Residences, Chicago, including the lobby and the highly anticipated Landmark Club, which will be located on the tenth floor of the building. The Club will redefine standards of luxury and service. Niedermaier will be responsible for the entire design and furnishings that will grace the Landmark Club including the grand salon, dining room, media lounge, billiards room, fitness center and spa. Niedermaier’s fresh, modern, yet glamorous style will be evident in the public spaces of the building and will help create downtown Chicago’s newest signature building.

In addition, Niedermaier will be designing and fully decorating a signature home in the Ritz-Carlton Residences, Chicago that will be available for sale to prospective buyers. This unique space will embrace the inspiration of artists and top designers, past and present.

Niedermaier has showrooms both in Chicago and New York. Their work has been published on many levels and their furniture showrooms are go-to spots for high-end design professionals such as Jeffrey Bilhuber, Kelly Wearstler and many others.

HAPPY HOLIDAYS!

The holidays are a time for reflection and thanks- giving. This last year has seen tremendous challenges and opportunities for all of us. We are especially thankful for all of our buyers who believed in the strength and stability of The Ritz-Carlton Residences brand and who wished to experience this extra- ordinary new way to live in the heart of Chicago’s Magnificent Mile. We are also thankful that the construction for The Ritz-Carlton Residences, Chicago, will be well on its way to completion by 2011. Finally, we thank our partners and investors, in particular Helaba Bank, who financed our construction loan, and The Ritz-Carlton Hotel Company LLC.

All of us at The Ritz-Carlton Residences, Chicago, Magnificent Mile wish you a joyous holiday season and best wishes for the New Year!

Bruce R. Schultz Jon K. Rogers

ENJOY THE FESTIVAL OF LIGHTS

The 18th Annual Magnificent Mile Lights Festival kicked off the holiday season in Chicago on Saturday, November 21st . Events designed to entertain children and adults alike with sounds and sights from the holidays took place during the entire weekend. The main event was the magical Lighting Procession, which took place on Saturday, featuring Mickey Mouse as the Grand Marshall. As Mickey led Marching Bands down the Magnificent Mile, a dazzling display of holiday lights came to life on Michigan Avenue.

Kids loved Lights Festival Lane at 401 Pioneer Ct., where they visited booths from various sponsors of the event. Among the favorite booths were those from Eli’s Cheesecake Company, where kids could let their imagination run wild decorating cheese- cakes, and the Museum of Science and Industry’s interactive booth, which had games and interactive displays.

Live musical acts were also featured on Saturday on the Harris Stage. The holiday music definitely helped everyone get into a festive spirit. Included were the Radio Disney Party Patrol, Ralph’s World, Justin Roberts and the Not Ready for Naptime Players, Mitchel Musso, and Plain White T’s.

The Extra Mile: Acts of Kindness took place on Sunday the 22nd, where the proceeds from shop- ping and dining were donated to charity. For more information, go to magnificentmilelightfestival.com.

CONSTRUCTION PICKS UP THE PACE

We might sing “As The Caissons Go Rolling Along”, but in this case we would be talking about the underlying structures that will eventually support the 40 story Ritz-Carlton Residences, Chicago. They are rolling along indeed as the foundation work is scheduled to be completed in March 2010 and construction of the tower will begin in March.

Most of the contracts have been awarded including concrete, mechanicals, drywall and windows. Power Construction will be the general contractor for the building phase. Power is one of the largest construction firms in the Midwest and has been a major building contractor since 1926. Its work exemplifies the high of quality demanded by the standards set forth by the Ritz-Carlton Hotel Company.

HOTEL TRAVEL CARD

The Ritz-Carlton Residences, Chicago, Magnificent Mile has something new and exciting for new buy- ers. It’s our own Hotel Travel Card, which gives buyers free stays at their choice of Ritz-Carlton Hotels and Resorts all around the world. It’s an exclusive benefit for a limited time to our new buyers that can be enjoyed upon contract becoming fully executed. The card is sponsored and managed by NM Project Company as a special thanks to new buyers. Please visit our sales center or call us to find out how you can get a head start living the Ritz- Carlton lifestyle.

BARRICADE SIGN REACHES THOUSANDS OF EYES ON MICHIGAN AVENUE

Our barricade sign along Michigan Avenue was erected just in time for the Festival of Lights.

It reflects our current advertising campaign with the slogan “Simply Magnificent” and includes a 26 foot lighted rendering of the building.

SIMPLY MAGNIFICENT: The Official Blog for the Ritz-Carlton Residences, Chicago, Magnificent Mile

Construction of The Ritz-Carlton Residences is well under way, the holidays are here and there has never been a more exciting time to celebrate life in Chicago. With that in mind, The Ritz-Carlton Residences, Chicago is now online with Simply Magnificent, a blog that highlights the best that luxury living in Chicago has to offer. Visit us online at www.theresidenceschicago.com/blog and be rewarded daily with bustling updates on the development and learn about events taking place throughout the city as well as Chicago fashion, theater, interior design, architecture, art, dining and travel. It’s everything that makes this city, and this life, Simply Magnificent.

Construction Continues on Michigan Avenue

The air along Michigan Avenue is full of excitement as construction of Chicago’s newest architectural phenomenon is now in full swing. If you take a walk down Chicago’s Magnificent Mile you will see that all of the pre-existing structures have been removed and the foundation work is in progress. Structural framework for the construction of the 40-story tower is expected to begin in the fall of this year. Now you may watch the progress from the construction cam on the exciting, newly launched website at www.theresidenceschicago.com.

Once the site is fully cleared, crews will begin to drill for caissons. Breaking ground is a watershed event not only for The Ritz-Carlton Residences but also for Chicago as a whole. In a time when there is so much concern about the business climate, it is a very positive sign for the economy of this city that a major residential development has sold 45% of the units, secured financing and is now under construction.

In what is an amazing success story (see below), dismantlement of the landmark Farwell Building was successfully completed with the preservation of an amazing 99.9% of the exterior stone slabs and decorative metal panels. The city of Chicago could not be more pleased as this exceeded their mandated retention target of 90%.

Watching The Ritz-Carlton Residences, Chicago rise above Michigan Avenue is an exciting time for all of us. We invite you to call us for an update at 312.242.5980 or visit us at The Sales Center to view our progress!

Bruce Schultz and Jon Rodgers Principals, Prism Development Company

Successful Initial-Phase Preservation of the Farwell Building

We always considered the preservation of the exterior façade of the Farwell Building as one of our paramount goals in the evolution of this development. The Prism Development team was committed to preserving as much of the exterior Michigan Avenue and Erie Street façade as possible. In the end, we exceeded everyone’s expectations.

Some slabs were held together by as many as 66 metal pins, so on some days it took 9 hours to remove just one stone. On other days, the façade of an entire floor was removed. The façade removal was a highly meticulous process and took ten months overall to finish the demolition. “We were absolutely dedicated to preserving as close to 100% of the Farwell Building as was possible,” said Jon Rodgers, Principal of Prism Development. “To the astonishment of many,” he continued, “we preserved 99.9% of it.”

Welcome to The Landmark Club

We are proud to announce that we have selected a name that befits the style and architecture of the residence club. The Landmark Club will be the very heart of The Ritz-Carlton Residences, Chicago with a long list of services available only to our residents and their guests. “There will simply be no comparison to the style and ambience exhibited in our Landmark Club,” states Bruce Schultz, Principal of Prism Development. “From the billiards room that will have individual, conditioned wine bins to the luxurious dining room, to the state-of-the-art screening room, The Landmark Club will represent the ultimate in amenities and service,” Schultz concluded. The Landmark Club will be a delightful extension of your home and a place where many friendships will be made. Enjoy!

A Ground Breaking Event

The Ritz-Carlton Residences, Chicago prepares to ceremonially break ground on a spectacular project that will grace Michigan Avenue’s skyline. Demand for The Residences at the Ritz-Carlton has been strong. With construction financing in place for the development, The Ritz-Carlton Residences, Chicago is 45% sold with 49 units remaining for sale. Designed by architect Lucien Lagrange, The Residences will feature 88 luxury residences within a 40-story tower building, located at 664 North Michigan Avenue. Lagrange incorporates the art moderne look of the 1930s in the building’s exterior, which will be adorned with flying buttresses, carved panels, and a crown of lighted art glass. The building’s tenth floor will feature The Landmark Club, a private club designed by Darcy Bonner, that will redefine standards of luxury and service. Staffed and managed by The Ritz-Carlton Hotel Company, the club level will allow residents to enjoy amenities such as a grand salon, dining room, screening room, billiards room, wine cellar, fitness center and spa along with numerous other amenities and services.

Demolition Phase Nearly Complete

As the demolition phase of construction comes to a close, we are excited by the progress thus far. All demolition of the existing buildings will be complete by the end of the year. This creates a staging area for the delicate process of removing the historic façade, panel by panel. The slate tiles from the historic mansard roof have already been removed and other work has been progressing smoothly. We expect to have the site completely clear by January. Look for more construction updates in the next issue of Legends and Landmarks. Or to track the preservation and building process, visit www.prismcompany.com.

Bruce Schultz and Jon Rodgers Principals, Prism Development Company

Where a Legend Begins

It is rare that an opportunity presents itself to build a private residence from the ground up with the exceptional North Michigan Avenue location that The Ritz-Carlton Residences, Chicago, will occupy. A location this special demands an extraordinary property of enduring quality, and The Ritz-Carlton Residences surpasses all expectations.

Situated in the heart of world-renowned shopping and restaurants, and combined with the legendary Ritz-Carlton service, this timeless tower of understated elegance will provide a lifestyle of modern luxury within each of the 86 condominiums and throughout the exquisitely designed 12,000 sq. ft. private club. Owners will have at their service a worldwide network of the finest concierges, a club chef and servers, a porter, housekeeping and, of course, your friendly door staff and valets. To experience this lifestyle for yourself, call 312-242-5980 or email theresidences@rubloff.com to schedule your private presentation, and learn how you can live the legend. We look forward to seeing you soon!

The Sights and Sounds of the Season Come Alive

Since 1991, Chicagoans have looked forward to the spectacular Festival of Lights Parade along the Magnificent Mile. It is the first annual holiday event of the year in the U.S., and marks the start of the season on the Saturday before Thanksgiving.

Throughout that Saturday, fun and festive outdoor activities will take place that adults and kids alike will love – theatrical performances, ice sculpting, sipping hot chocolate while listening to choirs singing the songs of the season, and much more. The culmination of the day is the parade, which begins at 6 pm and moves from Oak Street to Wacker Drive. The favorite star and master of ceremonies, Mickey Mouse, illuminates more than one million tiny tree lights along the avenue as the parade moves block by block, cheered every step of the way by thousands of onlookers.

That same evening, store windows will be showcased for the official opening of the holiday season, and shops will stay open late for those looking to enjoy the incomparable retail experience of Michigan Avenue.

With the 2010 delivery of The Ritz-Carlton Residences, Chicago, you can enjoy all the festivities from the spacious, private club terrace, located on the tenth floor and overlooking the Magnificent Mile. Cheers!

Construction Underway on The Ritz-Carlton Residences

construction financing funded, demolition has commenced

We’re proud to announce that construction is now underway on the 40-story Ritz-Carlton Residences located at 664 North Michigan Avenue. With a construction loan from Helaba Bank of Germany, the development is fully engaged in the demolition and construction of these extraordinary new private residences.

The project will preserve the historic façade of the Farwell Building, located at the northwest corner of North Michigan Avenue and Erie Street. The building’s exterior stone panels will be removed, meticulously cleaned, restored and reconstructed onto a new structural framework and tower.

Once completed, The Ritz-Carlton Residences will provide Michigan Avenue’s most magnificent lifestyle. To experience this lifestyle for yourself, visit the sales center at 625 North Michigan Avenue on the fifth floor, call 312-242-5980, or e-mail the residences@rubloff.com to schedule your private presentation. We look forward to seeing you soon!

Bruce Schultz and Jon Rodgers
Principals, Prism Development Company

Classic Charm Meets Modern Luxury

Ritz-Carlton offers new homes with a nod to heritage

In today’s world, progress is king. The old is replaced by the new, and yesterday’s standards make way for tomorrow’s advances. This mantra is no more evident than in real estate, with recognizable urban landmarks often replaced by modernistic buildings of steel and glass.

But The Ritz-Carlton Residences embark on a distinctively different path and blends the best of the past with its classic exterior designs with state of the art functionality of the present and future. The creative vision of world-renowned architect Lucien Lagrange, for this 40-story tower, now becomes a reality by Prism Development Company.

Look for exciting construction updates in the next issue of Legends and Landmarks. Or, to track the preservation and building process, visit www.prismcompany.com.