(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).
CHICAGO-Hines, based in Houston, has hired Australian firm Lend Lease to provide general contracting for the new 1225 Old Town apartment project. The 250 units are being built at 1225 N. Wells St.
Construction has already begun on the project, and units are expected to be available for lease by summer 2012. The property will include a 16-story apartment building with two levels of parking and 34,000 square feet of ground floor retail. Amenities will include an outdoor pool and hot tub, fitness center, theater room, business center and social lounge.
Hines reportedly spent $19 million for the property after a car dealership plan failed, and took out a $59 million construction loan from Northwestern Mutual Life Insurance Co. earlier this spring. JDL Development Corp. is also working on the project.
According to a Lend Lease statement, the company will include sustainable design elements at the building, including recycled materials, low-flow toilets, a green roof and a storm water management system, and low-VOC adhesives, sealants, paints, coating and carpet products. The company also plans to implement a moisture mitigation and mold prevention program.
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