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understated neoclassical detailing and deco-inspired step-backs will give no. 9 walton a pioneering yet timeless demeanor. The No. 9 Walton lobby will refect the brilliance and grandeur Letchinger believes Chicagoans have been waiting for in luxury high-rise residences. Letchinger boasts, "It's the highest-end building to ever go up in Chicago." That he is the developer behind it is a testament to his persistence, affable nature, and ethics. "When there was no development going on [post- 2008], I thought I'd have to change careers. But I realized there was nothing else I wanted to do—even in tough times," he admits. Letchinger showed his mettle long before 2008. In 2002, tough times reared their head when he had a multifamily condo project fail. Famously, he made good on several million-dollar loans from his own pocket in order to walk away with a clean slate—a deed that made his name. "He was able to bounce back and partner [with oth- ers] because he's such a stand-up guy," says Alan Lev, president and CEO of Belgravia Group. But one of the things he did change post-2008 (which enabled him to develop No. 9 Walton) was his partnership strategy. Before the recession, he relied on funding from family and friends, and was highly leveraged. With the development of 1225 Old Town, a 250-unit luxury rental building that was one of the frst projects to be built in post-2008, he partnered with institutional investors for the frst time. The project was completed in 2012 and sold for $156.9 million in 2013 for the highest price-per- unit ever paid in downtown Chicago at the time. "Jim has a tremendous amount of vision… and he's always been very nimble. Coming out of the downturn, he was one of the frst to go out [and] identify development sites, get them re-zoned, capitalize, and deliver a best-of-class luxury rental," says Matthew Lawton, CEO and executive managing director of HFF. Today, No. 9 Walton is also setting records. Its 66 units range from $2 million for a two bed- room to $24 million for the duplex penthouse, at costs averaging $1,250 per square foot—a pricing benchmark for new residential construction. Also, with so few units, the building taps into the boutique building trend, which places a premium on the intimacy of small, cosseted communities. Most signifcantly, the cosset- ing will come from extraordinary features and amenities Letchinger says will put Chicago back on the residential luxury map, starting with No. 9's powerful yet refned stone-and-glass design from Hartshorne Plunkard Architecture. A layer of understated neoclassical detailing and Deco-inspired step-backs gives the contemporary structure a pioneering yet timeless demeanor. Equally timeless are the units' luxe amenities, including sprawling foor plates, expansive win- dows, high ceilings, exquisite millwork, sumptuous fnishes, and customized ftted kitchens. Gigantic terraces set a new standard with gas, water, electric- ity, and overhead heat to make them true extended living environments. And services are strategic: a concierge, state-of-the-art athletic facilities, wine storage, rentable guest suites, chauffeur service, and a private dining room—but no communal living room. "If you live in a $5 million condo, you don't want to sit in a shared space," Letchinger reasons. "These are the things buyers want right now, and Chicago buildings don't have [them]," Letchinger states. His source? "My gut." Given that Letchinger has survived and thrived despite such epic and well-publicized ups and downs—and has already sold 33 units at No. 9 Walton—it's a safe bet his instincts will serve him well in this effort. "Now the dollars are bigger, but the risk is smaller," he says. If past performance is any indication, the results are sure to turn heads and set trends. 9 W. Walton St., 312-215-9701; 9walton.com MA 132 michiganavemag.com The New Luxe These three soon-to-deliver properties set the standard in luxury living. 4 East Elm There are just 35 3-bedroom, 3.5- bath units in this 24-story tower designed by Solomon Cordwell Buenz, ranging from 3,100 to 3,500 square feet and starting at $2.2 million. But standard features in each unit include private elevator access, foor-to- ceiling windows, 10-foot ceilings, custom lighting, and at least one terrace. 4 E. Elm St., 312-542-1144; 4eastelm.com thE RonslEy lofts Primo units in this fve-story building include six newly constructed penthouses at more than 5,000 square feet apiece, with asking prices from $900,000 to $5.4 million. 678 N. Kingsbury St., 312-280-9600; goldcoastrealty-chicago. com/the-ronsley-lofts-678-n-kingsbury.php 400 W. huRon At Smithfeld Properties's new 15-story tower, amenities include expansive terraces, temperature-controlled wine storage lockers, and heated, separately enclosed garages for every unit. 400 W. Huron St., 312-703-0400; 400whuron.com HAUTE PROPERTY News, Stars, and Trends in Real Estate