Ryan Cos., Lincoln Property to Rise High in Windy City
- Jul 28, 2015
By Scott Baltic, Contributing Editor
Ryan Cos. U.S., Inc. and Lincoln Property Co. will build a 31-story, 373-unit apartment tower in Chicago’s ritzy Gold Coast neighborhood, the two co-developers announced Friday, after holding a groundbreaking ceremony at the site.
The project, referred to as 833 N. Clark St. Apartments, will be built at the southeast corner of Clark and Chestnut streets on a nearly 1-acre site purchased from U.S. Bank. The seller operates a drive-thru banking facility there, which will be torn down.
The groundbreaking was held only days after the developers had closed on both the purchase of the land and an $88 million construction loan from U.S. Bank. Overall financials on the project were not released, but Daiwa House Texas Inc. is the primary equity investor, and the project reportedly is valued at more than $100 million. The building is scheduled to open in early 2017.
Once completed, 833 N. Clark St. Apartments will comprise 78 studios and convertibles, 212 one-bedroom units, 76 two-bedroom units and seven penthouse apartments. Units will range from 563 to 1,252 square feet, while the penthouses will be 1,179 to 3,250 square feet.
Apartments will feature 9-foot floor-to-ceiling glass windows, full-sized washers and dryers, oversized walk-in closets, and pre-wiring for high-speed internet and cable. Many will have private balconies. Amenities will include a rooftop sundeck with outdoor pool, private cabanas and outdoor fireplaces; a resident lounge with a cyber café; party room with a gaming center; and a fitness center.
A green roof on the fourth level will feature a private terrace with bocce-ball courts, fire pits and grilling stations. Other building amenities will include secured resident storage, a dog run with a grooming station, a library, business center and conference area, the latter spaces featuring high-speed Wi-Fi.
“We are bullish on the multi-family housing market in the city and especially the Gold Coast submarket, largely because of the continued in-migration of businesses downtown,” Dan Walsh, vice president of development, Ryan Cos. U.S., Inc., told Commercial Property Executive. He cited ConAgra Foods’ recently announced move from the city’s western suburbs to the Merchandise Mart as “the latest in a steady stream of companies bringing hundreds of jobs to the urban core.”
“This location and this project make great sense,” Walsh added, pointing out that “today there are fewer rental units in the Gold Coast than there were 30 years ago. So while demand for this market has never really subsided, the supply has been shrinking.”
Ryan will be the design-build contractor, and Lincoln Property will be the leasing and management firm. The design team includes Ryan A+E Inc. as the design architect, Antunovich Associates as the architect of record, Studio K as the interior designer, and TGRWA as the structural engineer.
The tower’s design is intended to combine “two contrasting but notable Chicago architectural styles,” that is, Chicago’s turn-of-the century architecture, in the buff-colored solid massing, dotted with punched openings, and at the north end, Chicago’s Miesian tradition through an all-glass massing.