Limerick developers Chieftain Group are also developing a new project in the Windy City, but with prices starting at a much more modest 200,000.

The development, in Chicago's 'South Loop' neighbourhood, will consist of 333 apartments. On the site of the former Lexington Hotel, the development will consist of a range of spacious one-bedroom plus den and two-bedroom apartments and views will be of Lake Michigan and the Chicago skyline.

Located in downtown Chicago, the area of South Loop has strong local demand.

Many downtown areas in Chicago have 98% occupancy in rented accommodation.

The average capital appreciation in Chicago over the last five years has been 9%. Official figures from the US Office of Federal Housing Enterprise Oversight report that prices in Chicago have risen by 10.66% and over the last five years properties have risen in value by just under 50%.

Lexington Park will have 18,000 square feet of groundfloor retail space and will have parking on six floors along with a residents' private roof garden. The 35-storey development is at the junction of Michigan Avenue, Cermack Street and Indiana Avenue, just a few minutes south of the central downtown business district.

Located in the district made famous by Mafia godfather Al Capone, the development is within walking distance of Millennium Park, Lake Michigan, Burnham Harbour and 12th Street Beach, and is two blocks from the L Train, which leads into the city centre in minutes.

Finishes in the apartments include marble countertops, stainless steel appliances and engineered timber floors. A gym and residents' room are also provided along with a 24hour concierge.

"For three or four years we have been looking to build in the United States, says Chieftain Construction president and owner Ger O'Rourke. "We originally looked in New York and Boston but property prices there have climbed so much that appreciation capacity was more limited. With strong employment and economic growth we are confident that there is major appreciation potential and inherent value in Chicago."

Established in 1992, the Chieftain Group, parent company of Chieftain Construction, has built projects in Ireland, South Africa, Eastern Europe, Britain and Chicago.

Payment terms at Lexington Park are a 10% deposit and the remainder on completion, estimated to be in 2009.

Lexington Park will be launched by sales agents Hamilton Osborne King (016181300) at The Westbury Hotel, Dublin next Saturday and Sun, 6 and 7 May, and with O'Connor Murphy Gubbins (061 314151) at The Clarion Hotel Suites, Ennis Road, Limerick, on 12 and 13 May.