CHICAGO-Local architect David Hovey, president of Optima Inc., has formed a joint venture to build the 325-unit Optima Center Chicago apartment tower in the Streeterville neighborhood. His company is reportedly partnering with DeBartolo Development on the project, expected to cost more than $100 million.
Jones Lang LaSalle Capital Markets’ group said in a statement Thursday that it has secured $20 million in joint venture financing from a fund sponsored by LaSalle Investment Management. Dave Hendrickson and Chuck Hoag led the JLL team on this financing. “Multifamily investment in Chicago is gaining steam from institutional investors each day due to the strength of the rental market over the last two years, and is forecast to continue for several more years,” said Hendrickson in the statement.
The property will break ground in December at 200 E. Illinois, on the northeast corner of Illinois and St. Clair streets. The 42-story building will also feature a 235-car parking garage and 22,477 square feet of retail.
The project adds to a number of new projects downtown by firms such as Golub & Co., AREA Property Partners, AMLI, Canyon-Johnson and Fifield Cos. The city has absorbed almost 1,800 apartment units each year since 2008.
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