Unique Chicago Penthouse with Private Underground Showroom Lists for $4 Million

A one-of-a-kind luxury penthouse in Chicago's Lake Point Tower is on the market for $3,995,000, a price that includes a fully customized, 2,700-square-foot subterranean showroom. This unique property combines a 2,537-square-foot designer condominium with a private, climate-controlled space originally built to house a multi-million-dollar vintage car collection. The offering represents a rare opportunity for a collector or designer seeking a primary residence with unparalleled private display or workspace. Based on our experience assessment, the combination of prime location, luxury finishes, and customizable subterranean area makes this a distinctive listing in the Chicago real estate market.

What Makes This Chicago Penthouse Unique?

The primary differentiator for this property is its private underground showroom, a feature rarely found in residential real estate. The showroom is not a standard basement; it was created by combining the deeds to 12 parking spaces within the architecturally significant Lake Point Tower. The space is equipped with tight security systems and precise climate control, essential for preserving valuable items such as art, classic cars, or high-end fashion. The penthouse itself offers a contemporary, open floor plan with two bedrooms and two bathrooms, featuring stunning views of Lake Michigan and the Chicago skyline. The monthly condominium fee is $1,641, which covers access to the building's extensive amenities, including over two acres of private, wooded grounds.

How Was the Subterranean Showroom Created?

The creation of the showroom was a custom project undertaken by the current homeowner, who heads a production design company. By purchasing the rights to 14 parking spaces along with the penthouse, the owner was able to wall in 12 contiguous spaces and transform them into a functional, high-end gallery. The construction included installing plumbing, a wet bar, a built-in Bang & Olufsen sound system, and the critical environmental controls. The remaining two parking spaces are reserved for daily-use vehicles. This conversion demonstrates a creative use of space and highlights the potential for customization within a luxury building, subject to board approval.

What Are the Potential Uses for the Underground Space?

While currently configured as an automotive gallery, the showroom's potential uses are extensive. Listing agent Daniel Stevenson of The Agency suggests it could serve as a private atelier for a fashion designer, a secure gallery for a jewelry or art collection, or an expansive closet. The space's configuration offers flexibility for any collector or professional requiring a large, secure, and climate-controlled private area. This versatility adds significant value, appealing to a niche market of buyers whose needs extend beyond standard living quarters.

How Does the Chicago Market Influence This Listing?

The property's uniqueness presents both an advantage and a challenge within the Chicago luxury market. According to the listing agent, the property is akin to a "shiny, ostentatious emerald in a sea full of diamonds," suggesting that it stands apart from more traditional luxury offerings. Market dynamics in the Midwest can differ from coastal cities like Los Angeles, where such a distinctive property might attract a buyer more rapidly. The pricing strategy reflects the premium for the unparalleled combined square footage and custom features, targeting a specific, high-net-worth individual.

For potential buyers, the key considerations are the property's unique value proposition and its niche appeal. The penthouse offers a turn-key luxury residence, while the showroom presents a blank canvas for a collector or creative professional. The success of the sale will likely depend on finding the right buyer who specifically requires such a unique combination of living and display space.