Terrazio is a 7-story, 180-unit courtyard building with ground-level retail space in the South Loop.
Sedgwick Properties was the developer. The building was built as a condominium and completed in 2010. Despite reportedly strong pre-sales, only a half-dozen units closed. Terrazio went into foreclosure and was converted to rental apartments.
The apartments
Terrazio has 5 different one-, two- and three-bedroom floor plans. One-bedroom apartments have one or one-and-a-half baths. Two-bedroom units have either one-and-a-half or two baths. Three-bedroom units have two baths.
Floor plans and near real-time availability information can be accessed online. As of late-November 2013 1-bedrooms rented from $1,564, 2-bedrooms from $2,008 and 3-bedrooms from $2,850.
The apartments have open floor plans with 10-foot ceiling heights, hardwood floors and recessed balconies. All of the apartments have in-unit washer / dryers and individual heating and air-conditioning units. Closet space is good.
Kitchens have granite counter tops, under-mount sinks, and upgraded appliance packages with gas ranges and built-in microwaves.
A number of the floor plans have large baths with dual-bowl vanities and separate tubs and stall showers.
Two-bedroom plans have the split-bedroom layout that’s preferred by roommates and people who office from home. The second bedroom in the 2-bedroom, 2-bath layout borrows light and ventilation from the living areas and lacks windows.
Views. Terrazio has good views from many of its units, although they’re limited by the building’s height.
There are no windows on the north side of the building, so views directly north are from balconies only and may be constrained by future development.
Amenities, services, policies
Terrazio has a rooftop deck with a shallow pool and gas grills.
Terrazio also has a fitness room.
Terrazio has on-site leasing and management staff. Terrazio is pet-friendly, subject to limits, and has a private dog run. The building has an on-site garage.
The location
Terrazio is in a remote-feeling stretch of the South Loop that has sparse dining, nightlife and shopping options compared to other neighborhood apartment properties.
The location has good proximity to McCormick Place, Chinatown and Mercy Hospital.
Shopping. Access to shopping is not one of the location’s strengths.
The nearest full-service grocery is a new Mariano’s, six-tenths of a mile north and west of Terrazio, but there are decent convenience store options near the building. Lakeside Grocery is a block west on State St. South Loop Market, a few blocks north on Michigan Ave, is a family-run convenience store with a terrific selection of wines and craft beers.
There’s little to no retail development within a short walk of Terrazio. The Shops at Roosevelt Collection and the large and growing cluster of big-box shops just west of the river along Roosevelt Rd are the most viable retail destinations.
Dining, nightlife.
Dining and nightlife options in the immediate area of Terrazio are limited compared to further north South Loop locations.
La Cantina Grill is a short block east of Terrazio on Michigan Ave and Opart Thai is a short block west on State St.
There’s a fun restaurant and nightlife strip just north of Cermak along State St, a short walk from Terrazio. Venues include Dragon Fire, Shark’s , Big Mike’s and Reggies.
You’ll find several casual restaurant and nightlife venues along Cermak Rd just east of Wabash Ave, including Papa John’s Pizza, Pizzeria Brandi, Chef Luciano and the Velvet Lounge.
The dog-friendly outdoor patio at Café Society, 1801 S Indiana, is a popular spot for locals to gather and gripe about its food and service.
Chinatown’s dining scene is a half-mile southwest of Terrazio. There’s also a lively restaurant and bar cluster along Michigan Ave and Wabash Ave a mile north of the building.
Parks, recreation. The nearest public parks are several blocks from Terrazio.
Chicago Women’s Park, two blocks north of Terrazio, is a tranquil spot for relaxing or helping tend the community gardens.
Ping Tom Memorial Park, a ten-minute walk from Terrazio, is a neighborhood jewel. The park has great vistas along the Chicago River, kayak rentals, play areas, ball fields, an indoor swimming pool and a great deal more to offer.
Grant Park, Soldier Field and Northerly Island’s 12th Street Beach are an easy bike ride from Terrazio.
Transportation. Public transportation from Terrazio’s location is good.
CTA bus routes criss-cross the area, with stops a block east and west of Terrazio.
The nearest CTA train stop is the Chinatown station on the Red Line, less than a 10-minute walk from Terrazio. The CTA recently began construction on a new Green Line station on Cermak Rd, two blocks south of Terrazio.
A Metra Electric train stops at 18th St provides transit to Millennium Park to the north and the University of Chicago and suburbs to the south.
The location doesn’t have the same near-instant taxi service that you’ll find at other South Loop apartment buildings. Zipcar car-sharing locations are nearby.
The location has good access to Lake Shore Drive and to the city’s expressway grid via the nearby Stevenson Expressway (I-55).
The competition
Rentals are typically available in a number of nearby condo buildings, sometimes at sharply lower rents than in the managed apartment buildings.
You’ll find additional tips and options at YoChicago’s South Loop rental guide and our at-a-glance list of downtown apartments.
Terrazio in the news
More recent items are listed first.
Terrazio ramps up leasing effort
Two more towers foreclosed on
South Loop condo projects face foreclosure
South Loop condos get $50 million construction loan
Share your take on Terrazio
If you’ve lived at or visited Terrazio, and are not a real estate agent, add your thoughts in a comment. Comments are moderated, and commercial messages are not allowed.