Greystar Starts Construction on Chicago Tower
The 223-unit property is slated for completion in the first quarter of 2023.
Greystar has broken ground on a 21-story development in Chicago’s Fulton Market area. The company is working with architects Solomon Cordwell Buenz to complete the community by March 2023.
The development at 166 N. Aberdeen St. is set to comprise 223 units and ground-floor retail space. Plans call for studios and one- to three-bedroom apartments. Common-area amenities will include a gym, swimming pool and coworking area on the third floor, while the 14th floor will feature an outdoor lounge. The property is slated to offer 70 off-street parking spaces and a bike storage area.
Located in the West Loop neighborhood, the property is within walking distance of the Morgan Metro station and is close to several dining, retail and entertainment options in downtown Chicago.
The metal and glass tower will rise on the site of the former Fabbri Sausage factory and will conserve the area’s industrial style with a warehouse-like brick facade on the base levels.
Upon completion, the tower will also offer 24 affordable units, Chicago YIMBY reported, meanwhile, other 24 affordable units will be subsidized off site. Additionally, the company is looking to obtain Green Globe Certification by using sustainable building techniques.
The apartment tower is the second phase of a larger project initially planned by MCZ Development, which encompasses an 11 story mixed-use building completed in 2018 at 171 N. Aberdeen St., across the street from the new Greystar development, Yardi Matrix data shows. The first phase encompasses 75 apartments, including co-living and affordable units, and some 57,000 square feet of combined retail and office spaces.
Growing in Chicago
Last month, a partnership between Greystar and CP Capital broke ground on a 288-unit garden-style community in Brighton, Colo. In August, the company paid $52 million to Blackstone for a 210-unit property in suburban Seattle.
Despite Greystar being a major investor in markets across the nation, the company hasn’t been as active in urban Chicago, with the project on Aberdeen Street being Greystar’s first development in the city’s downtown.