Want to Eat Here? First Buy a Multimillion-Dollar Condo

14 September 2018

To tempt both buyers’ taste buds and their taste for exclusivity, developers are investing in residents-only restaurants, dining clubs and cocktail lounges. Check out the Wall Street Journal's spotlight on 1000M's Club 1000.

 

In Chicago, wine collectors Kim Rice and Kurt Bonatz have spent over $1 million on a three-bedroom apartment at 1000M, a 74-story high-rise that will be built in the Michigan Avenue historic district. A prime factor in the couple’s decision: Club 1000, a full-service bar and lounge that will occupy the building’s 72nd floor when it opens in 2022.

“We are really excited about it—what better way to meet people than a bar on site?” said Ms. Rice, 50, who owns a consulting firm.

Even more exciting: All drinks will be on the house. “You can’t serve alcohol and have it be paid for without a liquor license—the only way we could do it is to have the cost included in [owners’] assessments,” said Jordan Karlik, a principal in JK Equities, part of the consortium of developers behind 1000M. Pricing starts at $557,000 for a one-bedroom unit, going up to $8.5 million for a penthouse.”

Read the full spotlight on exclusive resident-only bars and restaurants on the Wall Street Journal.