Luxury Gold Coast Tower Targeting Savvy Market
- Aug 03, 2015
Chicago—A luxury apartment tower for young professionals and savvy urban couples is hitting Chicago’s downtown Gold Coast residential market.
Ryan Companies US Inc. and Lincoln Property Company presented plans for the amenity-laden apartment tower in the highly sought-after section of the city. The 31-story, 373-unit tower, now referred to as 833 North Clark Street Apartments, will break ground at the southeast corner of Clark and Chestnut Streets on a 41,000-square-foot site purchased from U.S. Bank. A celebratory ceremony was held at the site on Friday, July 24, a few days after the development team purchased the land parcel and closed on an $88 million construction loan with U.S. Bank.
“We are very excited to begin construction on the 833 North Clark Street Apartments,” said Dan Walsh, vice president of development, Ryan Companies US Inc. “This is one of this city’s iconic downtown neighborhoods. Our desire is to deliver an architectural gem that embraces history and adds to the great character of this special place.”
“A successful multi-family development begins with an outstanding team, a well located site and includes world-class architectural design with a comprehensive menu of services and amenities,” said Brian Byrne, executive vice president, Lincoln Property Company. “It will all come to life through the collaborative expertise of this very special development team. This is a truly unique project.”
Ryan Companies US Inc. and Lincoln Property Company are the co-developers of the project. Ryan will be the Design-Build contractor as well and Lincoln Property will be the leasing and management firm. The design team for the property includes Ryan A+E, Inc., Design Architect; Antunovich Associates, Architect of Record; Studio K, Interior Designer; and TGRWA, Structural Engineer.
Daiwa House Texas Inc. is the primary equity investor in 833 North Clark Street Apartments, a development valued at more than $100 million. Financial arrangement terms are not being disclosed.
U.S. Bank will continue to operate an adjacent office at the historic Cosmopolitan State Bank Building and Rebuild its drive-through as part of the development’s parking structure.
When doors open in early 2017, the property will include 373 luxury apartments, with 78 studios and convertibles, 212 one-bedroom units, 76 two-bedroom units and seven penthouse apartments. Unit sizes, not including the penthouses, will vary from 563 square feet to 1,252 square feet. Penthouses will range from 1,179 square feet to 3,250 square feet.
The units were designed to provide a unique blend of clean aesthetics, urban functionality and sophisticated design elements. Apartments will highlight floor-to-ceiling 9-foot glass windows to capture exceptional, panoramic views of the Chicago skyline and Lake Michigan. Other features include chef-inspired kitchens, a full-sized washer and dryer, luxurious bathrooms, over-sized walk-in closets and pre-wiring for high-speed Internet and cable. Many units will have a private balcony as well.
The community will offer lavish amenities and common areas, including the rooftop, fourth-floor terrace and ground floor spaces. The rooftop level will include sweeping city views, a hospitality-inspired sundeck with an outdoor pool, private cabanas and outdoor fireplaces. The rooftop will also offer an exclusive resident lounge with a cyber café, party room with a gaming center and a private, high-end fitness center. The green roof will be the signature of the fourth level, with a spacious private terrace, bocce ball courts, firepits and grilling stations. The first floor will showcase an elegant lobby, the management office and leasing center, secured resident storage and a private dog run with a grooming station. The ground floor will also contain a library, resident lounge, business center, and conference area for the use of the building’s residents. The spaces will be fully-equipped with high-speed Wi-Fi.
833 North Clark Street Aparments is designed with two different but notable Chicago architectural styles. The buff-colored solid massing dotted with playful punched openings is inspired by Chicago’s turn-of-the-century architecture. Granite cladding and repetitive storefront window bays line the street. This style covers the majority of the east, west and south facades. The north end of the building exposes an all-glass massing, inspired by Chicago’s Miesian tradition, creating a dramatic vertical appearance over the building entry. The presence of glass wraps horizontally over the top of the building where it meets an outdoor amenity terrace, 300 feet above street level. The interior spaces will complement this aesthetic while incorporating a few visual surprises.
“As a business entrenched in the Gold Coast neighborhood, we are excited about the transformation taking place at 833 N. Clark St.,” said Marsha Cruzan, market president for U.S. Bank in Chicago. “Ryan Companies and Lincoln Property Company have gone to great lengths to integrate the project into the neighborhood, architecturally and philosophically.”
According to Walsh, the target market for the property is well-educated, young professionals, urban couples and empty nesters, as they will appreciate its offerings of modest sophistication, top-notch customer service and lifestyle convenience.
“Ryan Companies and Lincoln Property have been involved in many projects throughout the Chicago metropolitan area,” said Second Ward Alderman Brian Hopkins. “Their projects create jobs and tax revenue. They listen to the community and make appropriate accommodations. This approach supports our shared goal—making sure projects work well for the neighborhood.”
The site is located in close proximity to transportation including two CTA stations and other public transportation options, crucial for those working downtown. Residents traveling by car to suburban destinations will have easy access to Lake Shore Drive and the Kennedy Expressway. Chicago’s Magnificent Mile (North Michigan Avenue) is within walking distance, as well as the downtown CBD, the Northwestern and Loyola University graduate school campuses, and the Northwestern medical center. An abundance of restaurants, clubs, retail amenities and cultural facilities are nearby. It is also close by the lakefront, from Oak Street Beach to Navy Pier.