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Rental Tower Beefs Up as Start Nears

CHICAGO-A multifamily building at the corner of Des Plaines and Kinzie streets will be taller at 39 stories and contain more units--350 in all--than originally planned by Fifield Cos.

By Mark Ruda | Updated on May 23, 2006

(To read more on the multifamily market, click here.)

CHICAGO-A long-awaited multifamily rental building planned for the corner of Des Plaines and Kinzie streets will be slimmer, taller and have 35 more units than originally expected. Revised plans by Fifield Cos., calling for a 350-unit, 39-story building at the southeast corner, were endorsed Friday by the plan commission.

Rents in the multifamily tower, across Kinzie Street from the Blommer Chocolate factory and part of the Kinzie Station development, are expected to exceed $2 per sf. However, 42nd Ward Alderman Burton Natarus predicts the building eventually will become condominiums. “Eight or nine years from now, it’ll be condo,” he says.

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