Michael Lynd, president and CEO, says the development has beenin the works for more than two years and was carefully planned asthe company's first foray into the Chicago market. "From the verybeginning, we felt there was real potential for this site," Lyndtells GlobeSt.com. "It was definitely a little out of our comfortzone, being that it's in Chicago and we haven't done anything thereuntil this point. But the more we dug in, the more we got reallyexcited about the opportunity for us to develop something reallyspecial." He did not divulge the construction price for theproject.

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David Lynd, COO of Lynd, says the River North submarket iswell-occupied for this property type, with rents increasing about5% annually. Monthly rents in the building, on the southeast cornerof Wells and Kinzie streets, start at $1,500 for a studio and rangeup to $4,800 for a penthouse. The average size of the units isaround 900 sf. The building will also offer 129 parking spaces and27,000 sf of retail and office space.

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David Lynd says the River North neighborhood is desirable placeto live based on its proximity to public transportation, as well asareas like the Merchandise Mart, Wacker Drive and the city'sfinancial districts. "We felt like we were smack dab in the midstof a burgeoning submarket, close to mass transit, restaurants andthe major employment centers," he says. "It made it an obvioussubmarket."

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The building will feature a rooftop deck and pool, fitnesscenter, wine storage lockers, dog run and resident lounge, completewith kitchen, movie room, Internet cafe and coffee bar. "We feellike we're going to be able to deliver a boutique product with adifferent kind of lifestyle and leasing atmosphere than anythingelse on the market," Michael Lynd says. "It's our business plan togo in with a really modern and unique building. I think we're goingto do a great job with providing really high-end amenitiesthroughout the building."

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Technology components planned for the building include a virtualconcierge and an innovative Web site offering methods for easy rentpayments and other services. The building will also provide eachtenant with V-Connect, an amenity system from Apple Computer, whichwill allow residents to integrate security and other preferencesvia iPod or iPhone, and will serve as their point of contact withthe leasing center.

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