Lendlease Starts Preleasing at Chicago Community
Aiming to benefit from a lack of new local product, the building is the second phase of a downtown mixed-use project.
The Reed at Southbank. Image courtesy of Lendlease
Lendlease is nearing completion on the second community making up its master-planned development in Chicago’s South Loop neighborhood.
The company started pre-leasing at The Reed at Southbank and is expecting the first resident move-ins in late May. Lendlease broke ground on The Reed in 2021 and is looking to complete the community sometime this year.
Perkins+Will has been brought on as the project’s architect, while Bozzuto will act as property manager. Lendlease also secured a $117 million development loan from Cain International for the project in November 2021.
The 41-story residential tower will offer 224 units in studio, one-, two- and three-bedroom units, ranging in size from 544 to 1,417 square feet. The units were built with exposed concrete ceilings and floor-to-ceiling windows, while select units also have balconies.
Floors nine to 22 host the units, while the eighth floor of The Reed is home to a 15,000-square-foot amenity space that includes a pool, lawn, outdoor kitchen, cabanas and fire pits. Elsewhere in the community, there is also a fitness center, show kitchen, virtual sports simulation room, salon, massage room, media room and rooftop garden. There lobby includes a bar, mailroom, bicycle parking, remote work and social gathering spaces, as well as 24-hour front desk service.
Bozzuto will also offer residents additional services including plant care, feline care, newspaper delivery and in-home package delivery for when residents are away from their homes.
Located at 234 W. Polk St., the residences are near many of downtown Chicago’s retail, restaurant and entertainment options, including the Willis Tower, still popularly known as the Sears Tower, and the Art Institute of Chicago, as well as the Field Museum. Chicago Transit Authority busses and trains are also easily accessible.
Adding Southbank’s second community
Ted Weldon, executive general manager of development for Lendlease’s Chicago office, said in prepared remarks that there is high demand from renters, while the number of newly-constructed units in the Chicago area low.
The Reed is the second building that the company is developing as part of its Southbank master-planned community. When fully built out, Southbank will total approximately 1,200 apartments and offer office space in high-rise towers, a retail fixture called Southbank Market and a two-acre green space called Southbank Park.
Lendlease already completed The Cooper at Southbank, the company’s first community as part of its Southbank master plan, in 2018. Located at 720 S. Wells St., The Cooper is located adjacent to The Reed.
