Naperville-based The Marquette Companies broke ground this month on Catalyst, a 19-story luxury rental building located at 630 W. Washington in Chicago’s West Loop. The development is a joint venture with El Paso, Texas-based Hunt Cos. and New York-based Kayne Anderson Real Estate Advisors, the real estate private equity arm of Kayne Anderson Capital Advisors L.P.
Designed by architect Brininstool + Lynch, Catalyst will include 223 apartment homes with studio, one-bedroom, two-bedroom and three-bedroom plans available. Homes will measure on average 910 square feet, and will include luxury features and finishes such as hardwood flooring, granite kitchen countertops, stainless steel appliances, 9-foot ceilings, floor-to-ceiling windows and a private balcony or terrace.
“This has been a much anticipated development for downtown Chicago and we’re very excited that construction is now underway,” said Darren Sloniger, managing director of acquisitions for The Marquette Companies. “Even among a very impressive crop of new luxury apartment buildings being built downtown, Catalyst stands out for its cutting-edge design, high-end amenity package, fantastic views, and a truly ideal walk-to-the-Loop location.”
The building will also feature high-end amenities found on two floors: the fourth floor, which will include a wi-fi lounge, outdoor dog run with a pet wash and a landscaped terrace; and the 19th floor, which will include a club room, meeting room, fitness center, outdoor patio offering panoramic views of the city and a luxury outdoor swimming pool with an infinity edge.
The street level of Catalyst will house a 13,000-square-foot Walgreens. The building will also include approximately 175 parking spaces.
“With our proven track record of high-tier properties with world-class amenities in the student housing space, the Catalyst development, while not student oriented, is on par with the quality of property and opportunistic characteristics Kayne Anderson seeks out in a valuable investment,” said S. David Selznick, chief investment officer of Kayne Anderson Real Estate Advisors. “We are pleased to partner with The Marquette Companies on the development and are confident that this investment will be a strong addition to our existing roster of properties.”
Lend Lease is serving as general contractor.
Leasing is expected to begin in early 2014 with units delivering in Summer 2014. Rents will average $2.70 per square foot.