CHICAGO—Chicago-based Golub & Co., together with Diversified Real Estate Capital, has just broken ground for Sienna Flats, a six-story mixed-use apartment community at 423 Ohio St. in downtown Chicago's Streeterville neighborhood. Company officials say that in an area filled with giant complexes, this property will offer renters a more down-to-earth lifestyle in a smaller property.

Sienna Flats will have retail on the first floor and ten private residences each on the upper five floors. The twenty one-bedroom and thirty two-bedroom apartments will be larger than many other Streeterville rental options and feature nine-foot ceilings. The two-bedroom units will feature roommate-friendly split floor plans. Amenities will include a fitness center, a rooftop patio area, bike room and in-unit laundry, along with other standard luxury rental offerings. The developers have designed the building to achieve LEED Silver certification upon completion.

"Sienna Flats will offer larger apartments with a more urban design aesthetic, in a smaller building," says Golub president and chief executive officer Michael Newman. "We've known Streeterville for decades, and we're confident there's demand for something a little different among its luxury renters."

The company has been one of the region's more active multifamily developers. As reported in GlobeSt.com, in late 2014, Golub and Wood Partners began building a massive mixed-use project at Lake St. and Forest Ave. Once completed in early 2016, the 21-story Lake + Forest development will have 270 luxury apartments, 27,000 square feet of retail and commercial space, and parking for 588 cars in an attached covered garage.

Sienna Flats is the mid-rise building component of a planned two-building development at Ohio St. and McClurg Court. The high-rise, known as Moment, is at 545 North McClurg Court. Diversified is Golub's joint venture partner for the mid-rise portion, with a team led by Mike Miller and Jeff Cherner, co-founders of Diversified. "Our investment strategy calls for multifamily developments in strong urban submarkets, with compelling market positioning," explains Cherner. "We are bullish that this proven micro-market, coupled with the Sienna Flats contemporary design, will help us achieve strong investor returns."

Walsh Construction is the general contractor, and Solomon Cordwell Buenz was the architect. The PrivateBank provided construction financing.