Chicago, Illinois, Press Release, Elizabeth G. Yokel, Janury 29, 2016: When Presidential Towers opened in the late 1980s, it was a bright star in an otherwise dreary West Loop. Four khaki-hued 50-story apartment towers stood atop a retail pedestal. It was an immediate hit with the young professional crowd who embraced an urban lifestyle.

Two decades passed, and the splendor wore off. The towers, which occupy two full city blocks, turned downright dowdy. In contrast, the influx of casual and fine restaurants, galleries and loft conversions had made the neighborhood trendy.

In 2007, Waterton purchased the property at 555 W. Madison St. and embarked on a multi-year redevelopment program. The retail spaces were given Clinton Street storefronts and an updated glass-and-corrugated-steel facade. The lobby was wrapped in artistic wood paneling with a 24-hour service desk in the center. Hallways and elevator cabs got makeovers. The third-floor amenity corridor, which had resembled a suburban shopping mall decked out in bubbling fountains and planter boxes, was updated with plank flooring, cozy lounges and a high-tech media center. A cheerful children's playroom was added. Much of the work has been done sustainably. "These smaller areas break up the behemoth and give it a warmer, more intimate feeling," said general manager Holly Jacobson.

Next came the overhaul of all 2,346 apartments. The dated Euro-style cabinetry and almond appliances were yanked. They were replaced with espresso cabinets and stainless steel appliances. Tattered carpeting was swapped out for hardwood-inspired plank flooring. Only 250 apartments are of the original vintage, and they are occupied. These apartments will be renovated as they become vacant. Hopes are they all will be finished by the end of 2017.

Jacobson says Presidential Towers today attracts the same clientele it did in its heyday. About 25 percent of the residents are medical or law students or professors. Many more are white-collar professionals who work in the central business district. "I feel like we are hitting our second surge," she says. "Some of their parents may have lived here."

Although Presidential Towers has an enclosed parking garage with 1,162 spaces, only 10 percent of the residents have cars. CTA, Metra and Divvy stations; a taxi stand; and car rental are footsteps away. Highway access also is nearby. Residents have interior access to restaurants, Walmart Neighborhood Market grocery store and pharmacy, and a Fitness Formula Club. More retailers and eateries are in the works.

The apartments at Presidential Towers include studio, convertible, one-bedroom and two-bedroom units in 14 floor plans. Two-bedroom apartments, numbering 184, are scarce. A 669-square-foot one-bedroom model is on the 44th floor in Tower 2. In the combined living and dining room, two walls of windows capture north and northwest views of the city. The U-shaped kitchen is equipped with espresso cabinetry and stainless steel refrigerator, range, dishwasher and sink. The bathroom has a tub with shower head, white cultured marble-topped vanity, and tile floor and surround. A large walk-in closet is near the front door; a wall of closets lines the bedroom. Hardwood-inspired plank flooring runs throughout most of the apartment; the bedroom is carpeted.

The circular driveway on Madison Street leads to both the main entrance and parking garage. A pair of revolving doors opens to the soaring, light-filled lobby. Escalators climb to and from the security desk on the third floor, where residents connect to their respective towers and amenity spaces. The towers as well as the apartments are accessed by key fob. Each tower has a mail room and a card-based laundry room with 30 washers and dryers. There are two outdoor recreation areas: One is a barbecue deck with eight grilling stations plus dining and gathering areas. The other is a quiet sundeck and Zen garden.

Presidential Towers is smoke-free, pet-friendly and next to a small private park.

Presidential Towers
555 W. Madison St., Chicago
presidentialtowersapts.com
312-902-2006

http://www.presidentialtowersapts.com/

Apartments: Prices based on availability and subject to change. Studio, 471 to 570 square feet, from $1,400; convertible, 593 square feet, from $1,500; one-bedroom, 652 to 815 square feet, from $1,600; two-bedroom, 1101 square feet, from $2,650. Lease terms: Leases available from three to 12 months. Nonrefundable fees: application fee, $60 per applicant; administration fee per unit, $400. Renters insurance: Minimum personal liability coverage of $100,000 required. Utilities: Resident pays utilities. Parking: Direct-access garage parking available for $225 a month. Pets: $300 one-time nonrefundable fee per dog or cat, and $25 a month per dog. No weight limit for dogs, but breed restrictions apply. Two-pet limit. Smoking policy: Smoke-free.

Amenities: Newly remodeled residences have modern kitchens with upgraded stainless steel appliances and espresso cabinetry; hardwood-inspired plank flooring in kitchen and living areas; carpeting in bedrooms; updated baths with cultured marble-topped vanities; window treatments; dishwashers and in-unit laundry per plan; central heat and air conditioning. Community amenities include a sundeck and Zen garden, barbecue deck, media lounge, children's playroom, 24-hour card-based laundry, guest suites and bicycle storage. Resident services include 24-hour security and maintenance, full-time concierge, valet package and dry cleaning. Wi-Fi is free in common areas. Residents pay discounted rates at Formula Fitness Club. 

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