$157 millionbuilding

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More details on the specific plans have been announced. Theapartment building will have a variety of studio, one-, two- andthree-bedroom units. The units will range in size from 550 sf to1,850 sf. The rental rate is expected to be $2.75 per sf, saysDonald Smith, a principal at Jupiter Realty. The units will havefloor-to-ceiling windows and amenities such as washers and dryersand kitchen granite countertops. The building will also have arooftop pool, fitness center, library and business center. Thefirst occupancies are expected in spring 2010 with the building tobe completely available by the end of the summer in 2010. JupiterCommunities LLC, Jupiter Realty's management division, will managethe building and handle leasing for the project.

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The building will have a green roof with landscaping and a pooland energy efficient window walls. Jupiter is seeking to have thebuilding to become the first apartment high-rise in the city toachieve LEED certification. The building is also near publictransportation. "It is right in the heart of the Loop," Smith says."We are approximately a five-minute walk to the two major trainstations in the West Loop, both the Union Station and NorthwesternStation." The parking garage is expected to have vehicles withZipcar car sharing service that will be available to residents,tenants and the surrounding community, Smith says.

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Twelve stories of the building will be a parking garage with atotal of 600 parking spaces. The parking garage will be owned andoperated by InterPark, based here, Smith says. There will beapproximately 14,000 sf of retail space on the street level, Smithsays. The garage and retail portions of the building were sold toInterPark for $40 million, as previously reported by GlobeSt.com.The retail will likely include a bank, restaurant and food store,he says. The building was designed by architecture firm SolomonCordwell Buenz, based here. Power Construction is the generalcontractor for the development. Cornerstone Real Estate AdvisorsLLC is an equity partner for the project. Financing is beingprovided, in part, by Bank of America and JPMorgan Chase.

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