$750-million KStation,

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Echelon has a mix of studio, one- and two-bedroom units whichrange from 572 sf to 1,111 sf. The building is currently about 25%leased, says Alan Schachtman, SVP with Fifield. Rental rates rangefrom $1,475 to $2,845, not including parking. The building has aspa, fitness center, terrace, outdoor swimming pool, game room,business center and valet dry cleaner. A one-acre park, calledThePark at K Station, was also recently completed and is expectedto open next month, he says.

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Alta and Cirrus are currently under construction, and areexpected to have first occupancies in fall 2009. Alta, at 555 W.Kinzie, will be a 41-story building with a total of 426 units andCirrus, at 365 N. Jefferson, will be a 39-story building with atotal of 422 units, Schachtman says. The two buildings are beingconstructed simultaneously and will have a total of 857 apartmentunits in the two towers. Alta and Cirrus will have a mix of studio,one-, two- and three-bedroom penthouse units, Schachtman says.Units will range in size from 573 sf to about 1,400 sf. The rentalrate will likely be approximately $2.70 per sf, he tellsGlobeSt.com.

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The towers will be constructed on a 700-car parking garage andamenity deck that will have approximately 15,000 sf of retailspace. Amenities will include an outdoor pool, spa, internet café,lounge with game room, an indoor basketball court, a businesscenter, library, fitness center and a 20-seat movie theater,Schachtman says. Retailers will likely include a restaurant and daycare facility, he tells GlobeSt.com.

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"Because the mortgage markets are tightening, more and morepeople are renting," Schachtman says. The units in the developmenthave also been renting well because of "the high amenity package"and that K Station is within walking distance of office towers inthe West Loop and on Wacker Drive, as well as restaurants andgalleries in River North and the West Loop, he says. Thedevelopment is also within walking distance of the OgilvieTransportation Center and Union Station. Left Bank, a 451-unitapartment building, was the first building completed at K Station.The Left Bank was developed as part of a joint venture withPrudential, which bought out Fifeld's interest in February 2007. Anadditional 496-unit building is planned at Halsted and Kinsey,Schachtman says.

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