| The market for rental apartments is starting to show enough demand for new construction, says AMLI's Stephen Ross. So AMLI is starting pre-development on a new 49-story, 427-unit tower on the southeast corner of Clark and Hubbard in River North. | |
| The site is adjacent to RJ and Jerrod Melman's new French restaurant (where Brasserie Jo is closing) and Friedman Properties' new Greenway Self-Park. The apartment building will share access to Greenway's rooftop terrace, which will have an outdoor swimming pool (swimmies for your Benz sold separately), deck, and walking path. AMLI's tower will also have it's own LEED elements, including a green roof, recycling program, and highly efficient heating and cooling systems. AMLI will also continue the national Breatheasy program, which requires the apartment to be smoke-free, a lifestyle many renters in Chicago are looking for, Stephen says. | |
| The project will be made up of about 80% studios, convertibles, one-bedroom, and one-bed plus office units. Friedman will handle about 4.5k SF of retail leasing on the ground level. Stephen says the project won't break ground until late 2011 or early 2012, given the market conditions at that time. |
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