CHICAGO—The downtown residential market has been booming, and the quick pace of development will certainly increase the competition for new residents. In fact, even established communities are deciding to launch upgrades. Streeter Place, for example, a luxury apartment community in Chicago's Streeterville neighborhood, has just decided to change its name to Atwater Apartments begin renovating all 480 residential units, as well as the community's common areas.

“Even though we are only a 6-year-young luxury apartment building, we wanted to make sure our amenities continue to match or exceed the rising supply of high-end apartments currently being built downtown,” says Emily Carnes, leasing supervisor at Atwater. “Because of our prime location and amenities, we have residents who have been with us since we opened in 2009, and we want to keep it that way. Our goal is to evolve and grow with the needs of our residents and we are doing that by making them a part of our rebranding process.”

Located at 355 E. Ohio St. a few blocks north of the Chicago River and midway between Michigan Ave. and Navy Pier, Atwater Apartments has 54 stories and a mix of studio, convertible, one-, two- and three-bedroom layouts.

Atwater plans to renovate 110 units in 2015. Each apartment upgrade will take about three weeks to complete and will be done as units become available. The building has a 95% occupancy rate, so the updates will take place over the next four years with rents expected to be between $1,950 and $5,650 after renovations are complete.

“While upgrades to units will roll out in phases, residents can expect to see changes to the lobby and the 12th floor as soon as February and concluding in April,” adds Carnes. “We want to make sure work being done to common areas is executed as quickly as possible to limit any inconvenience to residents.”

Building managers will add more work stations and conference rooms to the lobby so residents can meet with clients, family and friends. A sitting area by the elevator banks will showcase a fireplace, comfortable seating and local artwork, providing another convenient space for residents to work or relax. The Atwater management team will also add a new leasing office and give the mail room a makeover.

Updated apartments will get new flooring, new kitchens, modern cabinets and additional shelving to maximize storage space, among other updates. In addition, kitchens will get USB charging stations as a convenience for tech-savvy renters.

“Our main goal is to create a home where residents can live, work and play, so it was important for us to give attention to the building's common space, too,” says Carnes. “In addition to creating a more open lobby layout, we're also adding a Cyber Cafe on the first floor where residents can work or check email. And on the 12th floor, residents will be able to unwind in the new media and game area, complete with a brand new pool table, fireplace, cozy reading nooks and an updated kitchen – the perfect space for hosting private gatherings.”

Instant Insights /

Streeter Place Renamed, Starts Renovation

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