Chicago—CA Residential LLC, the multifamily investment and development division of CA Ventures, in a joint venture with K Giles LLC, announced it has started construction on a 320-unit mixed-use development.
Located at 1136 S. Wabash Ave. in Chicago’s South Loop, the finished project will be a 26-story tower including 320 luxury apartments, 5,000 square feet of street-level retail space and 141 parking spaces. The apartments will consist of 160 studios, 80 one-bedroom units and 80 two-bedroom units, with floor plans ranging from 389 to 1,027 square feet on floors six through 25.
“Chicago’s South Loop is one of the fastest growing neighborhoods in the city and this building will be located on a very important corner in this neighborhood,” JJ Smith, COO of CA Ventures, told Multi-Housing News. “Between the nearby transit hub, a Trader Joe’s market across the street and the easy access to Chicago’s cultural and lifestyle attractions, there are few locations with a similar combination of neighborhood amenities. The location also offers proximity to a dozen of the city’s higher education institutions and Chicago’s loop business district. This combination will be a draw for renters across the demographic spectrum, ranging from college students and young professionals to downsizers seeking a convenient, urban lifestyle.”
Each apartment will feature high-end kitchens with contemporary cabinetry, full-height, ceramic wall tiles in the bathrooms, quartz countertops with glass tile backsplash and stainless steel appliances, Grohe plumbing fixtures throughout, in-unit washers and dryers, floor-to-ceiling windows and private balconies on select units.
“There is a level of affordability that 1136 S. Wabash will bring to Chicago’s South Loop neighborhood. With studio units making up half the composition of the building’s 320 units, we are able to offer renters-by-choice an amenity-rich environment at attainable price points,” added Smith.
Offering more than 22,000 square feet of amenity space, the property will include a rooftop deck with multiple landscaped terraces, an outdoor pool and spa, a business center, an entertainment suite, a pet grooming station, seating areas, a state-of-the-art fitness center and yoga studio, meeting pods, a media and gaming room and an outdoor dog run.
The project is scheduled for completion in May 2018 and will be managed by The Habitat Company. Lendlease will oversee construction on the Solomon Cordwell Buenz-designed tower. According to Smith, CA Ventures is expecting a two year stabilization period with a target of 30 to 40 percent pre-leased prior to first move-ins.
Images courtesy of CA Ventures