$157 million building

More details on the specific plans have been announced. The apartment building will have a variety of studio, one-, two- and three-bedroom units. The units will range in size from 550 sf to 1,850 sf. The rental rate is expected to be $2.75 per sf, says Donald Smith, a principal at Jupiter Realty. The units will have floor-to-ceiling windows and amenities such as washers and dryers and kitchen granite countertops. The building will also have a rooftop pool, fitness center, library and business center. The first occupancies are expected in spring 2010 with the building to be completely available by the end of the summer in 2010. Jupiter Communities LLC, Jupiter Realty's management division, will manage the building and handle leasing for the project.

The building will have a green roof with landscaping and a pool and energy efficient window walls. Jupiter is seeking to have the building to become the first apartment high-rise in the city to achieve LEED certification. The building is also near public transportation. "It is right in the heart of the Loop," Smith says. "We are approximately a five-minute walk to the two major train stations in the West Loop, both the Union Station and Northwestern Station." The parking garage is expected to have vehicles with Zipcar car sharing service that will be available to residents, tenants and the surrounding community, Smith says.

Twelve stories of the building will be a parking garage with a total of 600 parking spaces. The parking garage will be owned and operated by InterPark, based here, Smith says. There will be approximately 14,000 sf of retail space on the street level, Smith says. The garage and retail portions of the building were sold to InterPark for $40 million, as previously reported by GlobeSt.com. The retail will likely include a bank, restaurant and food store, he says. The building was designed by architecture firm Solomon Cordwell Buenz, based here. Power Construction is the general contractor for the development. Cornerstone Real Estate Advisors LLC is an equity partner for the project. Financing is being provided, in part, by Bank of America and JPMorgan Chase.