Mixed-Use Tower, Containing 198 Luxury Apartments, Opens in Chicago
- Jun 04, 2010
Chicago–A mixed-use, 26-story high-rise building, Flair Tower, featuring 198 luxury apartments and 9,500 square feet of retail, celebrated its grand opening with a VIP reception and public open house on Thursday evening.
Flair Tower is located at 222 W. Erie St. in the large arts district of River North, and is named after well-known Chicago business executive and philanthropist Lee Flaherty, whose Flair House building is nearby (Flaherty is nicknamed “Flair”).
The site was originally supposed to be a condominium, but the project ran into difficulties, leading McCaffery Interests to acquire the site, a parking lot, approximately three years ago, says Dan McCaffery, president of McCaffery Interests.
“The project went very smoothly,” McCaffery says. Apartments are approximately 40 percent leased, and McCaffery says the goal is to have Flair Tower entirely leased up within a year. “We’re well on track for that,” he says.
Apartment sizes range from convertibles to three-bedroom penthouses, with rents ranging from $1,700 to $5,300 a month.
McCaffery Interests puts a lot of emphasis on the amenities and design of the lobbies and common areas, says Pamela Austin, project manager of development, adding that the company strives to give its apartment properties a “boutique hotel” feeling.
For instance, the main lobby at Flair Tower has a working fireplace, and Lee Flaherty’s art collection is displayed throughout the property. Apartment doors are a variety of colors, similar to brightly colored doors common on houses in Ireland, Austin says.
Amenities include a sixth-floor landscaped pool deck with outdoor fireplace, dog run, Jacuzzi, club room and billiards room, and 24-hour concierge service.
Apartment amenities include granite kitchens, stainless steel appliances, private balconies, floor-to-ceiling windows, and the ability to customize units with accent wall colors.
Flair Tower is on track to become USGBC LEED-certified, and incorporates “green elements” such as locally produced and recycled building materials, water-efficient plumbing features, low VOC-emitting paints and sealants, and landscaped roof terraces.
The project is a joint venture between McCaffery Interests, RREEF and The Taxman Corporation. McCaffery Interests will continue as the third party management company overseeing all aspects of asset and property management, including both residential and retail operations and leasing. It was designed by Antunovich Associates, and built by W.E. O’Neil Construction Company.