Akara Kicks Off Demolition at 500 N Milwaukee
Akara Partners is planning a 270k SF, two-building apartment complex at 500 N Milwaukee in the Fulton River District, but had to knock down the existing building first. Snapped at the demolition event: BMO Harris Bank’s Elizabeth Hozian; Greystar’s Valerie Fertitta; Pappageorge Haymes’ Greg Klosowski (architect); Akara’s Rajen Shastri; Ald Walter Burnett Jr (27th); Tishman Construction Co’s Gary Thalheimer (GC); and Neighbors of River West’s Sam Martorina (and enough sledgehammers to make Peter Gabriel blush). The project includes 227 apartments, 14k SF of street retail and 102 parking spaces at the northwest corner of Milwaukee and Grand. BMO Harris Bank is providing construction financing, Goldman Sachs is equity partner, and CA Residential is Akara’s development partner.
Here’s an action shot with the alderman. In terms of amenities to attract West Loop techies, the TOD property (with easy access to buses, bikes and the Blue Line) will include a dog run, ample bike storage and a pool with sun deck. Completion is slated for 2016. Adding a feel-good portion to the event, Akara execs generously donated $250k to the ReVive Center for Housing and Healing, a local homelessness nonprofit.