Left Bank, a 37-story building with about 450 apartment units, opened last November. The building, which was reportedly valued at $115 million, was a joint venture with Prudential. Fifield sold their share of the building to Prudential in February, Cavanaugh says. Construction on 353 N. Des Plaines began in October and will probably be finished by next spring. The 39-story building will have 350 apartment units. Construction should begin soon on a Jewel-Osco Grocery Store with a scheduled opening next summer. The public park, named the Park at K Station, is scheduled to open this fall and will have a walking path and different areas for families and dogs.

Fifield Cos. has developed and owned more than 34,000 apartment units in 17 states since 1984. The company's focus recently has been on condominium projects in the Chicago area and the condominium market is currently slowing, he says. Fifield has completed more than 50 projects nationally worth more than $4 billion and has an additional 10 projects under development worth about $1.5 billion. This joint venture allows the company to renew a focus on apartment developments and on more national projects, Cavenaugh says. "The apartment market is continuing to firm up," he says.

The joint venture will allow Fifield to take advantage of a national network that they already have in place. "We have a group of people that I have been working with for a long time that has a lot of apartment experience," he says. Pacific Life had been looking to enter the apartment market and "they were looking for a quality reputable partner," Cavenaugh says.