(Mark Your Calendars: RealShare Apartments East, February 15th in Washington, DC).
CHICAGO-Another apartment high rise has started in the downtown. A joint venture of the Habitat Co., Multi-Employer Property Trust and Bentall Kennedy is building a 450-unit building at 360 W. Hubbard St. for a reported $140 million.
The 43-story building will be smoke-free, and will include 29,000 square feet of indoor and outdoor amenity space to accommodate year-round activities, according to a statement by CBRE, which arranged the financing from Bentall. Completion is expected in late 2013.
The project joins a number of other developer dreams for multifamily payoff from the current high demand for apartments nationwide. AMLI Residential Partners is building AMLI River North, a 409-unit tower down the block at 71 W. Hubbard, and a venture of locally based Fifield Cos. and Marietta, GA-based Wood Partners broke ground late last year on the $175 million K2 tower at K Station. Other downtown apartment projects include the Coast at Lake Shore East and 500 Lake Shore Dr.
The architect on the Habitat tower is Solomon, Cordwell, Buenz & Associates. The James McHugh Construction Co. is the general contractor. John Jaeger, Dan Cohen, Carrie Houck, John Clifford, Peter Marino and Jesse Karasik with CBRE arranged the financing.
Locally based Habitat has kept busy, in the past two months working on transactions of about $250 million. The figure includes the company’s $86 million purchase of two apartment complexes, the 360-unit Lake Village and the 480-unit Windemere in Ann Arbor, MI, the home of the University of Michigan, in December.
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