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Construction Complete on Echelon at K Station

CHICAGO-The building is 25% leased. Construction is now underway on Alta and Cirrus at the $750 million, 2,400-unit master-planned development.

By Gina Kenny | Updated on July 16, 2008

CHICAGO-Construction was recently completed on Echelon, a 350-unit apartment building at 353 N. DesPlaines St. in the K Station development. Work is currently underway on Alta and Cirrus in the $750-million K Station, which is being developed by a joint venture of Chicago-based Fifield Cos. and Pacific Life Insurance Co., based in Newport Beach, CA.

Echelon has a mix of studio, one- and two-bedroom units which range from 572 sf to 1,111 sf. The building is currently about 25% leased, says Alan Schachtman, SVP with Fifield. Rental rates range from $1,475 to $2,845, not including parking. The building has a spa, fitness center, terrace, outdoor swimming pool, game room, business center and valet dry cleaner. A one-acre park, called ThePark at K Station, was also recently completed and is expected to open next month, he says.

Alta and Cirrus are currently under construction, and are expected to have first occupancies in fall 2009. Alta, at 555 W. Kinzie, will be a 41-story building with a total of 426 units and Cirrus, at 365 N. Jefferson, will be a 39-story building with a total of 422 units, Schachtman says. The two buildings are being constructed simultaneously and will have a total of 857 apartment units in the two towers. Alta and Cirrus will have a mix of studio, one-, two- and three-bedroom penthouse units, Schachtman says. Units will range in size from 573 sf to about 1,400 sf. The rental rate will likely be approximately $2.70 per sf, he tells GlobeSt.com.

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