The second phase will include a second tower with 420 units, which will average 950 sf and are expected to command rental rates in the neighborhood of $2.30 per sf when occupancy begins in the second quarter of 2006. Both buildings will include parking garages as well as a combined 21,000 sf of retail space.

The property is being sold by the Teachers' Retirement System of Illinois, which also owns the Time-Life Building immediately to the west at 541 N. Fairbanks Ct. While Golub & Co, is partnering with AEW Capital Management, L.P. on the project, Michael Newman of the company tells GlobeSt.com a major pension fund will finance the project once ground is broken.

The two-acre development site is surrounded by a chain-link fence. The soil had been contaminated by former users, had been cleared of commercial buildings and used as a parking lot. City officials closed the parking lot to allow for the removal of contaminated soil.