Jupiter Realty Company has broken ground a 444-unit luxury rental high-rise project at 465 North Park Dr., in Chicago’s Streeterville neighborhood.
The groundbreaking ceremony held Sept. 20 was attended by representatives from the project team, investors from MetLife and Allstate, and the City of Chicago, including 42nd Ward Alderman Brendan Reilly. Donald A. Smith, chairman of Jupiter Realty Company, moderated the ceremony.
Smith noted the development's strategic location at the intersection of East Illinois Street and North Park Drive will afford it significant neighborhood prominence.
"Visible from both Michigan Avenue and Navy Pier, the 48-story, 444-unit rental building will contain nearly 600,000 square feet of luxury residences with market-leading amenities,” he said.
465 North Park is creating more than 450 construction jobs and will add 75 permanent leasing, management, operations and retail positions when it opens in the spring of 2018, according to Alderman Reilly.
"Ownership and Jupiter worked collaboratively with the community and my office to design a project that will greatly enhance the neighborhood while minimizing the impact on existing Streeterville buildings and residents. Importantly, Jupiter has also agreed to contribute to the redevelopment of Ogden Plaza Park, a 70,000-square-foot, 25-year-old public park, to the west of the development,” he noted.
The 444 upscale units will include studios, convertibles, one-, two- and three-bedroom units, plus nine two-story townhomes on the fourth and fifth floors. All kitchens will feature high-end appliances and cabinetry, and all units will feature walk-in closets and full-size washers and dryers. The top two penthouse floors will feature top-of-the-line kitchens.
The lower level will boast a large bike room including a repair station, a pet spa, resident storage, dry-cleaning service and 24-hour-access package pick-up. A 181-space resident-only parking garage will be located in the lowest levels of the building, accessible from a private internal drive. It is anticipated that the property will be Leadership in Energy and Environmental Design (LEED) Silver certified.
Additional project amenities will include 12,000 square feet on the sixth floor dedicated to fitness (including aerobic, weight, yoga, spinning and fitness-on-demand rooms), spa/pool, conference, business, game and party areas, demonstration kitchen and lounge, and conversation/gathering spaces. Outside on the sixth floor, a 22,000-square-foot exterior deck will include a dog run, an outdoor pool with sunning and seating areas, cabanas, multiple green-spaces, fire pits, private kitchenettes, and TV-viewing areas. Another amenity level on the 38th floor will feature a kitchen, private dining and lounge areas, along with an outdoor skydeck with multiple lounge seating areas, fire pits and breathtaking views of Lake Michigan and the city. The building will also provide 12,000 square feet of prime retail space on the first floor.
The redevelopment of Ogden Plaza Park is expected to be complete by 2018. The scope of the redevelopment will include new trees, plantings, seating and lighting, as well as a dog-friendly area and modifications for better overall park access.
