Akara Ready to Start Work on New Chicago Condos
- Oct 06, 2014
Chicago—Akara Partners, a locally based developer, is on the verge of breaking ground on 100 W. Huron St. in Chicago’s River North neighborhood, just north of downtown Chicago. The property will be a 28-unit condo building.
The 14-story building will include two-, three- and four-bedroom plans, a fully equipped fitness center, dog run and 24-hour door staff. Pricing is expected to start at $985,000, with first deliveries slated for the fall of 2015.
The development is the latest in a revived condo market in Chicago, which practically ground to a halt with the onset of the recession. Activity on new projects downtown and near-downtown kicked off again only this spring, when CMK Cos. broke ground on the 15-story, 144-unit tower at 1345 S. Wabash Ave.
Akara Partners acquired the site at 100 W. Huron Street in 2013. As part of the ramp up toward development, Akara tapped Chicago-based Related Realty for the property’s sales and marketing effort.
In addition to offering resale brokerage services, Related Realty handles sales and marketing for Related Midwest’s development portfolio. Most notably, it manages sales for South Loop Luxury by Related, which consists of 504 condos in three towers in Chicago’s South Loop neighborhood. In 2013, the Related Realty sold more than half of the condos in that portfolio.