Work On Bond Cos.' Milwaukee Avenue TOD Progressing Fast
Milwaukee Avenue is far and away Chicago's busiest TOD corridor. Last Thursday, Bond Cos. hosted a topping off ceremony for its mixed-use TOD, now dubbed Spoke, under construction at 1001 West Chicago Ave. in River West. Bond Cos. president Rob Bond said work on the project has progressed nicely since the city issued the first foundation permit for the project last July.
Rob Bond said the biggest obstacle during construction so far was redesigning the buildings. The original designs proved to be inefficient for the site's size. Designers went back to the drawing board to make it more economically viable. Morgan Holdings CEO Ronnie Morgan said the new design allows the building to meet the demands of the market, while still being unique. Bond Cos. chairman Larry Bond said the project's name, Spoke, is intended to honor Milwaukee Avenue's nickname, the "Hipster Highway" — a nod to the street's status as one of Chicago's busiest bicycle corridors.
Spoke is slated to deliver in October. It will include 363 luxury apartments, 45K SF of needs-based retail (Bond Cos. has a LOI in place with a major local grocer) and 242 parking spaces. The residential component is a mix of studio, one- and two-bedroom units in twin towers rising 13 and 15 stories, along with three townhomes.
Rob Bond said one of the design tweaks involved reducing the height of the towers, a decision reached through community input, according to Larry Bond. Residents and groups including St. Cantius Church and the Chicago Academy for the Arts expressed a desire for the development to complement surrounding architecture while leaving views of downtown and neighboring buildings unobstructed.
Attendees signed the ceremonial beam that will be placed atop the 15-story tower. Spoke's top floors were completed eight months after the first construction permits were issued. Residential tenants will enjoy a host of amenities including an outdoor pool, fitness center, group fitness and virtual cycling studios, game room, community lounge, party room with demonstration kitchen, business center, bike repair shop, dog run and spa.
Bond Cos. paid $17.8M for the two-acre site in October 2015, which used to be home to the Gonnella Baking Co. plant.