Bond Companies has broken ground on its newest mixed-use development located at 1001 W. Chicago Ave. in Chicago’s River West neighborhood.
The two-tower project, built with 100 percent union labor, is a joint venture between Morgan Bond Company and an affiliate of the Multi-Employer Property Trust (MEPT), a private REIT advised by Bentall Kennedy, and is being constructed without a construction loan with all equity funds.
Former home to the Gonnella Baking Factory, which occupied the building for more than 60 years, the project will sprout two towers of 13 and 15 stories to deliver 363 luxury apartment units, approximately 45,000 square feet of needs based retail and 242 parking spaces to complement the uses.
Advanced discussions are underway with an anchor tenant for the retail space. The new community will consist of a mix of studio, convertible, one- and two-bedroom units along with three townhomes on its 2.22-acre site.
The towers connect via a fourth-floor amenity bridge. More than 18,000 square feet of amenity space will occupy the building, including an outdoor pool, fitness center, group fitness and virtual cycling studios, game room, community lounge, party room with demonstration kitchen, business center, bike repair shop, dog run and spa, along with many more features within the project.
One of the leading elements of the project is that the units and common areas will provide unobstructed views of downtown Chicago. The River West/West Town neighborhood is adjacent to the other downtown areas of River North, Wicker Park, West Loop and Fulton Market and offers convenient access to trendy restaurants, coffee shops, and night life.
The transit-oriented development (TOD) will be the largest apartment community along Milwaukee Avenue’s bike route dubbed the “Hipster Highway,” a heavily traveled commuter bike thoroughfare that runs adjacent to the CTA Blue Line from the Fulton River District to Logan Square. The project boasts an incredibly high walk score of 91 and is proximate to the CTA Blue Line, multiple bus routes and Interstate 90/94.
The development fills a void in the rapidly changing neighborhood by providing upwards of 800 construction jobs and when completed 150 permanent jobs. Since Gonnella vacated their old factory last summer, the development replaces a vacant property, with a new twin tower mixed-use center that will rise in its place adding vitality to the immediate area. The development team has worked closely with Alderman Burnett’s office to include additional affordable housing units in excess of the City’s requirements and to hire laborers locally from the neighborhood for the construction of the development. When the stores are ready to open, a job fair will be held. The team is also working with the Neighbors of River West to support a new park.
“This new development will transform a vacant lot into a vibrant residential and retail space for the nearwest side,” Mayor Emanuel said. “It will also create new affordable housing, nearly 1,000 jobs for Chicago residents, and is part of our transit-oriented development strategy to promote new building adjacent to trains, buses and bike lanes.”
Robert J. Bond, President of Bond Companies, said “This mixed-use development will add vibrancy to River West and will add momentum to the emerging changes that are happening in this area, providing a new anchor for this community.”