About The Grand Terrace

Plans to redevelop the former Ritz Hotel in Chicago's historic Bronzeville neighborhood into thirty-nine luxury one and two-bedroom condominiums, have been recently announced by veteran Chicago developers Robert Pistilli and Eric Rubenstein.

Located at the southeast corner of 3947-55 South King Drive and 401-415 East Oakwood Blvd., the $5.5 million projects, the "Grand Terrace Condominiums", named after the elegant nightclub at this site during the 1920's-30's, will provide a major rejuvenation to the community. "Our condo project will help revitalize the immediate area and improve the quality of life for the entire neighborhood" said co-developer Robert Pistilli, adding: "This is a great opportunity to own a luxury condo in a historic area that is rapidly improving."

This all-brick, premier condo development will feature sixteen, two-bedroom units with two baths, and twenty-five, one-bedroom units. Deeded parking is available, and the entire building will be protected with a dual fire sprinkler and fire alarm system.

Each unit will feature new hardwood floors, thermal windows, 42" kitchen cabinets, dishwasher, microwave, nine-foot ceilings, and ample closet space. All units will have individual forced-air heat and air conditioning, and special soundproofing will be an added feature. Amenities include an elevator, storage and bicycle room.

Nine affordable condo units are offered through the City's Department of Housing's Chicago Partnership for affordable Neighborhoods (CPAN) program. CPAN provides developer incentives including permit fee waiver, building perimeter site improvements, landscaping and assistance with finding prospective qualified buyers.

"The City is pleased to partner in this project because it is an important addition to the Bronzeville area and provides and affordable housing option to residents," said First Deputy Housing Commissioner Richard Monocchio.

About the Developers The Developers for The Grand Terrace Condominiums are long-term members of the Homebuilders Association of Greater Chicago and the National Association of Homebuilders , and are also current active and licensed members of the Chicago Association of Realtors and the National Association of Realtors. They have successfully completed many varied projects since the 1970's, involving condominiums, apartment buildings, retail space and single family homes in the Chicago-land area as well as in Southern California and Upstate New York.

Restoration of the ground floor retail space, comprising approximately 10,000 square feet, will feature upscale commercial and office tenants. "This project will help attract new businesses and jobs to the area", explained co-developer Eric Rubenstein. He and Pistilli are already in talks with numerous retailers and restaurants.

"These condominiums are an outstanding value with quality construction and attractive floor plans to choose from," said Pistilli, noting: "Buyers may select numerous upgrades to customize the units to their individual tastes."

A major safety feature will be a combined fire sprinkler and fire alarm system with heat detectors tied to an alarm monitoring system throughout the structure. This dual protection will exceed both Chicago and national building codes and should provide a high level of comfort to prospective buyers.

Our goal is to create a private ownership experience that combines safety, comfort, and luxury, with an outstanding location," said Robert Pistilli. Buyers will be within walking distance to the Red Line, and a new public beach at 39th and Lake Shore Drive. In addition, they will only be a short distsance from McCormick Place, University of Chicago, Illinois Institute of Technology, Mercy Hospital, DuSable Museum, Michael Reese Hospital, and the Dan Ryan Expressway.

Co-developer Eric Rubenstein noted that Seniors will particularly appreciate that the buiding is serviced by an elevator; has low maintenance; and features gracious living near public transportation and various cultural sites.

Noted Chicago architect Stephen E. Roman designed the condo project that preserves the brick and terrcotta facade with wrought iron trim and utilizes a modern interior and new systems.

The "Grand Terrace Condominiums" represents the first joint venture between Pistilli and Rubenstein. Separately, the developers have completed more than twenty projects since the 1970's, renovating condominiums, apartment buildings, retail space and single family homes in Chicago, suburban Cook and Will counties, Southern California and upstate New York.