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May. 3, 2013

500 Lake Shore Drive Marks Related Midwest’s Chicago Rental Debut

By Jeffrey Steele, Contributing Writer

Chicago—Some of the headiest views in the “City of Big Shoulders” are now available to renters, with the debut this week of Chicago’s 500 Lake Shore Drive. Developed by Related Midwest, the new 47-story glass tower delivers 500 “ultra-luxury” apartments at one of the last available lakefront parcels in the city’s fashionable Streeterville neighborhood, east of North Michigan Avenue.

Related Midwest purchased the land nine years ago and had originally planned to fill the site with a condominium building offering a very different size and scope.

“About two and a half years ago, we made a change and decided to do a rental building,” Curt Bailey, president of Related Midwest, tells MHN. “As the market turned across the country, and specifically here in Chicago, toward rental and particularly luxury rental, this site on Lake Shore Drive proved to present a terrific opportunity.”

Apartments include studios, convertibles and one- and two-bedroom units. Additionally, there are three-bedroom penthouses on the top four floors, are available for lease starting later this year.

In addition to awe-inspiring views of Lake Michigan, the Chicago River and the city skyline, the apartments offer an array of upscale features and finishes. They include custom-designed wide-plank flooring, custom gourmet kitchens showcasing Snaidero cabinetry, quartz countertops with white marble mosaic backsplashes, built-in stainless steel appliances including stainless steel hoods and closets with built-in organizers. Baths offer polished natural stone, custom walnut vanities and custom lighting.

Chief among the amenities and services renters will enjoy is the 500 Club, which fills the entire 12th floor. It offers 27,000 square feet of indoor and outdoor amenity space, including a residents-only fitness center, screening room with dual TVs and wet bar, fully equipped game room, lounge, library, coffee bar and tech center equipped with iMacs.

In addition, residents will be able to reserve an entertainment suite with catering kitchen and private terrace with grill.

Amenity-level outdoor features include a landscaped rooftop terrace with pool, hot tub, private cabanas, fire pit and kitchens with grills.

“This rooftop defines the phrase ‘million-dollar view,’” Bailey says. “With its mesmerizing lake views to the east and south and city views to the west, this is truly a one-of-a-kind outdoor venue. And not just in terms of a rental building, but in all of Chicago.”

An on-site Resident Service Specialist is on hand to handle any resident request, a 24-hour concierge is stationed in the building’s lobby and a white-gloved doorman is on duty to assist residents and guests at the entry.

The 100 percent smoke-free building was designed by Solomon Cordwell Buenz and is anticipated to achieve LEED Silver certification.

Bailey notes he and colleagues recently looked out at nearby Lake Point Tower and remarked it looks as beautiful today as it did when built four decades ago. “That’s what we’re trying to do here—create a building that stands the test of time but is better than what was done in the past,” he says.

“This will set a new bar in terms of rental in Chicago, both from a service and a design standpoint.”

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