Michael Lynd, president and CEO, says the development has been in the works for more than two years and was carefully planned as the company's first foray into the Chicago market. "From the very beginning, we felt there was real potential for this site," Lynd tells GlobeSt.com. "It was definitely a little out of our comfort zone, being that it's in Chicago and we haven't done anything there until this point. But the more we dug in, the more we got really excited about the opportunity for us to develop something really special." He did not divulge the construction price for the project.

David Lynd, COO of Lynd, says the River North submarket is well-occupied for this property type, with rents increasing about 5% annually. Monthly rents in the building, on the southeast corner of Wells and Kinzie streets, start at $1,500 for a studio and range up to $4,800 for a penthouse. The average size of the units is around 900 sf. The building will also offer 129 parking spaces and 27,000 sf of retail and office space.

David Lynd says the River North neighborhood is desirable place to live based on its proximity to public transportation, as well as areas like the Merchandise Mart, Wacker Drive and the city's financial districts. "We felt like we were smack dab in the midst of a burgeoning submarket, close to mass transit, restaurants and the major employment centers," he says. "It made it an obvious submarket."

The building will feature a rooftop deck and pool, fitness center, wine storage lockers, dog run and resident lounge, complete with kitchen, movie room, Internet cafe and coffee bar. "We feel like we're going to be able to deliver a boutique product with a different kind of lifestyle and leasing atmosphere than anything else on the market," Michael Lynd says. "It's our business plan to go in with a really modern and unique building. I think we're going to do a great job with providing really high-end amenities throughout the building."

Technology components planned for the building include a virtual concierge and an innovative Web site offering methods for easy rent payments and other services. The building will also provide each tenant with V-Connect, an amenity system from Apple Computer, which will allow residents to integrate security and other preferences via iPod or iPhone, and will serve as their point of contact with the leasing center.