Ryan Companies US, Inc. and Lincoln Property Company have announced plans for a luxury, amenity-laden apartment tower in Chicago’s downtown Gold Coast residential market, targeting the housing needs of discerning young professionals and savvy urban couples.
The 31-story, 373-unit tower, now referred to as 833 North Clark Street Apartments, will be constructed at the southeast corner of Clark and Chestnut Streets on a 41,000-square-foot site that was purchased from U.S. Bank.
A groundbreaking ceremony to celebrate the launch of construction was held at the site on July 24, just days after the development team purchased the land parcel and closed on an $88 million construction loan with U.S. Bank.
Ryan Companies US, Inc. and Lincoln Property Company are serving as co-developers of the project. Ryan also will be the Design-Build contractor and Lincoln Property will be the leasing and management firm. The design team for 833 North Clark Street Apartments includes Ryan A+E, Inc., Design Architect; Antunovich Associates, Architect of Record; Studio K, Interior Designer; and TGRWA, Structural Engineer.
Daiwa House Texas Inc. is the primary equity investor in 833 North Clark Street Apartments, a development valued at more than $100 million. Terms of the financial arrangement are not being disclosed.
The bank, also the previous owner of the 41,000-square-foot site, will continue to operate an adjacent office at the historic Cosmopolitan State Bank Building and rebuild its drive-through as part of the development’s parking structure.
When it opens in early 2017, 833 North Clark Street Apartments will comprise 373 luxury apartments, including 78 studios and convertibles, 212 one-bedroom units, 76 two-bedroom units and 7 penthouse apartments. Unit sizes, except for the penthouses, will range from 563 square feet to 1,252 square feet. Penthouse units will range from 1,179 square feet to 3,250 square feet.
The units have been designed to offer a unique combination of clean aesthetics, urban functionality and sophisticated design elements. Apartments will feature floor-to-ceiling (9′) glass windows to capture exceptional views in all directions of the Chicago skyline and Lake Michigan. Other unit features include chef-inspired kitchens, a full-sized washer and dryer, luxurious bathrooms, oversized walk-in closets and pre-wiring for high-speed internet and cable. Many units will have private balconies.
