Development of Tall Residential Tower in Chicago Kicks into High Gear
Related Midwest has obtained a $240 million construction loan for its development.
Chicago—Related Midwest has obtained a $240 million construction loan for its development, One Bennett Park, in Chicago’s Streeterville neighborhood. The developer has also completed tower crane installation for the 70-story residential project at 451 E. Grand Ave., which is east of Michigan Ave. and not far west of the lake.
Designed by Robert A.M. Stern Architects, the art deco-style building will offer 69 condos and 279 rental apartments adjacent to a new park by Michael Van Valkenburgh Associates Inc. The developer is paying for the park in return for being allowed to build a larger tower than what was originally approved. When complete in 2019, structure will be the tallest all-residential tower in Chicago, topping out at 836 feet.
Located on floors 41 through 66, One Bennett Park’s condo units will average 3,200 square feet and offer two-, three- and four-bedroom layouts, including three full-floor penthouses with 13-foot ceilings. Related Midwest is currently marketing units ranging in price between $1.85 million and $15 million, with first deliveries scheduled for late 2018. The project’s apartments, a mix of one- to four-bedroom floor plans, will also deliver in ’18.
In addition its lakefront location, One Bennett Park will offer various indoor and outdoor amenities, with a separate suite reserved for owners. For instance, condo owners will have access to a cobblestone motor court off Grand Ave. with valet parking and temporary spaces for short-term use. All One Bennett Park residents will also have access to Related’s service platform, however.
The park will feature paved walkways, seasonal vegetation and rolling topography that divides the area into four distinct experiences: a lawn bowl for social gatherings; play bowl with activities for children and seating for adults; quiet shade grove; and dog run with separate areas for small and large breeds. Michael Van Valkenburgh Associates other notable projects include Brooklyn Bridge Park in New York, as well as Maggie Daley Park and The 606 in Chicago. The 1.7-acre park is scheduled for completion in 2019.
