River North Apartment Demand Holding Steady

CHICAGO—Competition for multifamily renters will most likely heat up later in the year, but demand for recently completed units still seems quite robust. Officials from Chicago-based Hubbard Street Group and co-developer Centrum Realty and Development say that HUBBARD221, a 195-unit luxury rental tower in Chicago’s River North neighborhood, is now 65% leased just five months after opening.

Located steps from the Merchandise Mart and River North’s nightlife, HUBBARD221 welcomed its first residents last November. The 23-story development offers apartments ranging in size from studios to three-bedroom penthouses, with rents starting at $1,800.

“While we knew the central location, upscale finishes and thoughtful design of HUBBARD221 would resonate with renters, the brisk pace of leasing, especially through the winter season, has exceeded even our highest expectations,” says Kage Brown, partner at Hubbard Street Group.

All apartments showcase finishes such as gray-tone plank flooring; floor-to-ceiling windows; gourmet kitchens with two-tone Italian cabinetry, under-cabinet lighting, quartz countertops, porcelain backsplashes and stainless-steel appliances; bathrooms with floating vanities and frameless glass showers; and custom closets. But those features may not be the most important factor.

“The full floor of amenities on the 21st level – with 12-foot, floor-to-ceiling windows that maximize city views – is a big differentiator,” says Brown. Shared outdoor amenities include a rooftop pool, hot tub, sun deck with cabanas, outdoor TVs and a fire pit – which will all debut in May. Indoor amenities include a fitness center with Peloton bikes; a meditation lounge and yoga studio with Fitness On Demand; party room with chef’s kitchen; co-working hub; dog run; and pet spa.

The developers also made sure residents, especially those that work in the building, have quick and easy access to all of these amenities, adds Brown. They achieved this by adding elements like a sliding door between the co-working space and the entertainment suite.

“As more apartments come online, HUBBARD221 distinguishes itself by catering to renters who want more than just a community that checks all the boxes,” Brown says. “Not all amenity spaces are created equal, and HUBBARD221 truly raises the bar, enabling residents to work, play and entertain without leaving home.”