(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).
CHICAGO-Locally-based AMLI Residential is building another high-rise apartment tower here, this time north of the Chicago River. A groundbreaking for the $140 million AMLI River North will be held at the site at North Clark and West Hubbard streets at 4:30 p.m. Oct. 17.
Jennifer Wolf, SVP of development for the company, tells GlobeSt.com that the new 50-story building will have 409 units. The firm is seeking LEED Gold, and plans amenities such as a 20,000-square-foot, 12th floor outdoor area with pool, private cabanas and entertainment spaces. The project is going up on top of a current parking lot just west of a Marriott hotel, and the 12th story walkout will actually be the roof of the adjacent Greenway Self Park Garage, Wolf says.
Her company is leasing the land from Friedman Properties. The project will include ground floor retail.
AMLI also owns the 404-unit AMLI 900 in the South Loop on Clark Street. “We’ve done quite well there, even though there was some softness in the market,” Wolf says. “It’s 95% occupied. The apartment market has certainly recovered faster than other aspects of real estate, and we’ve been working this River North site for some time. We believe it’s time to get it started.” The tower should be finished in summer 2013, she says.
Founded in 1980, AMLI is wholly-owned by Prime Property Fund, a core, co-mingled institutional fund managed by Morgan Stanley Real Estate. AMLI currently owns and/or manages 60 apartment communities, including more than 21,000 apartment homes, and has over 1,000 additional apartment homes under development in three locations. AMLI owns 10 apartment communities in the Chicago area containing approximately of 3,800 apartment homes.
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