Fifield Begins Construction on Largest Tower in Chicago
A joint venture with F&F Realty broke ground on 727 West Madison, a 44-story, 492-unit luxury community with more than 10,000 square feet of retail space, in the West Loop.
A joint venture between Fifield Realty Corp. and F&F Realty Ltd. broke ground on 727 West Madison, a 44-story, 492-unit luxury rental tower with more than 10,000 square feet of retail space, in Chicago.
The property, also known as One South Halsted, will be the tallest building in Chicago’s West Loop at just under 50 feet, upon its completion in late 2018.
“The West Loop has largely four- to eight-story apartment and condo buildings with 50-100 units each,” Steve Fifield, chairman of Fifield Companies, told MHN. “There are virtually no buildings over 250 units, nor are there buildings with robust amenities. With new leading-edge employers like Google and the recent relocation of several major companies like McDonald’s, this area needed a five-star, uber-luxury building.”
The residences at 727 West Madison will include studio, one-, two- and three-bedroom layouts ranging from 490 to 1,550 square feet. Individual units will be appointed with plank flooring; oversized windows with views of downtown and Lake Michigan.
“The units have finishes equal if not superior to the best new high rises downtown,” Pat Fitzgerald of FitzGerald Associates Architects, architect for the project, told MHN. This includes quartz countertops, Euro-style cabinets, stainless appliances, full height porcelain backsplashes and bathroom floors and walls with Calacutta style stone, USB outlets, fiber optic high speed internet and satellite access, floor to ceiling windows, roller shades, robust closet systems and plank floors.”
The building will also have the largest amenity package of any building ever built in the submarket. There will be 1 gigabyte Wi-Fi access, an oversized gym with a dedicated strength room, two party rooms with a full working demonstration kitchen, an arcade room, pool and foosball game room, business center with multiple conference rooms, bar, lounge and study carols, plus a living room and media center with a 100” TV with 7.1 surround sound.
“We’ll have a 70’ pool with extensive chaise lounge seating, oversized hot tub for up to 12 people, multiple individual grilling and pergola covered dining areas, a dog run and other outdoor lounge areas,” Fifield said. “The lobby has a two-story entrance on Madison that reaches 23’ high with the management and leasing offices, mailroom, parcel delivery boxes that notify tenants of package deliveries as well as a lobby living room with full Wi-Fi access for more co-working spaces. The entire common areas and amenities rival luxury resort hotels and conference centers allowing tenants to live, work and play without ever leaving the building.”
The expansive outdoor space on the 7th floor overlooks the entire West Loop neighborhood and restaurant and bar districts on Randolph, Lake and Fulton Streets.
“This building is just a few blocks west of the Central Business District and it’s across the street from both Whole Foods and Mariano’s grocery stores,” David Friedman, co-developer and CEO of F&F Realty Ltd., told MHN. “A couple blocks away sit the hottest restaurants in Chicago. And the building is adjacent to additional dining, meeting and hotel rooms at the Crowne Plaza Hotel.”
Both companies have experience developing in the West Loop. F&F owns the 398-room Crowne Plaza Metro Chicago hotel that is directly next door to 727 West Madison. Fifield is a prolific Chicago developer, with numerous successful luxury apartment projects in Chicago’s top neighborhoods.
Alderman Burnett acknowledged David Friedman for spearheading development of the empty site and for his collaboration with community organizations like the Greektown SSA and the West Loop Gate Association. He recognized the project’s financial contributions to the National Hellenic Museum and the Chicago Greektown Educational Foundation, as well as its $1 million donation for affordable housing to be built in the 27th Ward.
Friedman, who owns the 398-room Crowne Plaza Metro adjacent to the 727 West Madison site, thanked Alderman Burnett for entertaining discussions on 727 West Madison beginning in 2009. He also recognized FitzGerald Associates for beautifully articulating a vision for the building during its early stages of development.
“It’s a very exciting day for us,” said Friedman. “It gives us a lot of pride to make this contribution at the gateway of the West Loop. We’re honored to co-develop this building with the Fifields, who have the ability, the finesse, and the flair to create an iconic apartment tower.”