CHICAGO- The Marquette Companies just announced that they broke ground this month on Catalyst, a 19-story luxury rental building located at 630 W. Washington in Chicago's burgeoning West Loop. The development is a joint venture between the Naperville-based firm and El Paso-based Hunt Cos. and New York-based Kayne Anderson Real Estate Advisors.
“It will be completed by September 2014 and we'll start delivering units by the first of June,” says Darren Sloniger, managing director of acquisitions for Marquette. The building will have 223 apartments including studios, one-bedrooms, two-bedrooms and three-bedrooms and average 910-square-feet. Rents will average $2.70 a square-foot.
“This has been a much anticipated development for downtown Chicago and we're very excited that construction is now underway,” Sloniger adds. He expects the Catalyst will attract the high-earners flocking to the West Loop's office district. “They are our first-round draft picks. This is a great walk-to-work situation and you can also walk to all the major transit lines.”
Other neighborhood developers have the same idea. Fifield Companies has begun putting the finishing touches on K Station, a 2,145-unit luxury apartment complex just a few blocks from the Catalyst site. "Google employees are our ideal [tenant] profile," Steve Fifield told DNAInfo.com in February, referring to the hundreds of Google employees that will soon arrive at the nearby Merchandise Mart.
Catalyst will also have a Walgreens in a 13,000-square-foot space on the first floor. A smaller retail space with about 1,200-square-feet has not been leased yet.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
