Fifield Cos. broke ground today on 740 Aberdeen, a 188-unit luxury rental building in Chicago’s River West neighborhood. The transit-oriented development will also feature 2,400 square feet of ground-floor retail and a public park designed by Hitchcock Design Group. Fifield, which first purchased the site in 2018, secured construction financing through CIBC and ULLICO, and equity financing was provided by clients of Washington Capital Management.
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Located at 740 N. Aberdeen St., the 11-story community is situated just off Interstate 90, close to the Milwaukee Avenue bikeway and less than a block from the CTA Chicago Blue Line station. Designed by Chicago-based firm FitzGerald Associates Architects with interiors by Morgante Wilson Associates, the building will offer a mix of studio, one-, two- and three-bedroom apartments ranging in size from 540 to 1,513 square feet. Interiors will feature plank flooring, quartz countertops, stainless steel appliances and soft-close cabinetry, spa bathrooms and in-unit washers and dryers. A portion of the units will have balconies.
Resident amenities at the property will include a penthouse-level party room, a coffee bar, coworking space, fitness center, bike storage and bike kitchen, a landscaped sun terrace, swimming pool with cabanas, grilling stations and private lounging and dining. The building will offer an on-site parking garage with 80 space primarily for residents. The public park included in the construction of the building will feature a dog park, green spaces and various seating.
Demand balances out supply
In 2017, a joint venture of Fifield Cos. and F&F Realty broke ground on 727 West Madison, a 492-unit luxury residential tower in the West Loop neighborhood. Also known as One South Halsted, the building was set to be the tallest in the neighborhood at just under 50 feet.
Chicago’s multifamily market has a robust pipeline and strong demand, but according to a recent Yardi Matrix report, still faces a housing deficit. The metro has a record 10,470 units expected to come online this year, but demand is expected to outpace supply through 2020.