Lendlease Breaks Ground on Chicago Condo Project
- Sep 21, 2021
Lendlease has started construction on the second residential project of its master-planned development in downtown Chicago. The company broke ground on The Reed, a 41-story community scheduled to deliver in 2023.
The Reed will offer a total of 440 units with 216 condominiums on the 23rd to 41st floors and 224 apartments from the ninth to 22nd floors. The unit mix will comprise one-, two- and three-bed floorplans ranging from 630 to 1,670 square feet. The units will also feature 9-foot ceilings, floor-to-ceiling windows and modern kitchen layouts.
Designed by Perkins+Will, The Reed will also feature a 12,000-square-foot amenity deck on the eighth floor with a pool, outdoor kitchen, cabanas, grilling stations, dining and seating areas and fire pits. The Reed will also feature a wet lounge, show kitchen, lounge/workspace, virtual sports simulation room, salon, screening room and fitness center. In addition, condo owners will have access to The Reed’s second-floor amenities that include a fireplace lounge, another show kitchen, outdoor terrace and flexible workspaces.
The community, located at 234 W. Polk St., will be a part of Southbank, Lendlease’s 7-acre master-planned development that will span nearly 2.5 million square feet. The development is expected to accommodate at least 2,000 units across several high-rise communities and also include a two-acre park and space for local retailers.
Southbank’s Second Project
The Reed marks Lendlease’s second residential project and its first for-sale property in Southbank. The company completed its first residential project in Southbank, a 452-unit rental community called the Cooper, in 2018. The master-planned development is expected to be fully complete in 2027 and will include future communities that will also pursue LEED certification.
Ted Weldon, executive general manager of development for Lendlease’s Chicago office, said in prepared remarks that Lendlease maintains its bullish outlook on the future of urban living. The company has completed or broken ground on nearly 2,300 units in downtown Chicago in the past several years. In January, Lendlease topped off two of its luxury towers in downtown Chicago’s Lakeshore East neighborhood.