CHICAGO—The city of Chicago is in the midst of an apartment boom as developers look to satisfy the growing desire among renters to adopt an urban lifestyle. But even with all of the units set for delivery in the near future, Dan Walsh vice president of development for Ryan Companies US, Inc. believes that 833 N. Clark St. Apartments, which Ryan and its co-developer Lincoln Property Co. broke ground on last month, has a leg up on much of the competition due to its Gold Coast location.

“When compared to other neighborhoods such as the Loop, River North, South Loop and River West, the Gold Coast definitely has much more of a residential feel,” he tells GlobeSt.com. “Just walk around Washington Square Park and the Newberry Library and you will feel the difference between this neighborhood and our competition.” Therefore, from a risk management standpoint, the 31-story, 373-unit tower at 833 Clark should be healthier than the city's other new apartment buildings. “If the market swings in favor of tenants, I think our rents will hold up better.”

However, Walsh doesn't expect that swing to happen any time soon. “I think what we've been doing is creating an equilibrium in the marketplace.” He points out that even with the opening of many new apartment developments, rents have continued to rise and occupancy has remained steady. Furthermore, “the renaissance of the city is going to continue as more corporations decide to relocate downtown. Every month, or every other month at least, we hear about another corporate relocation. As long as there isn't a major economic downturn, and even if there is a slight slowdown, I think the new apartments will continue to be absorbed and the market will continue to maintain this equilibrium.”

The building is being constructed at the southeast corner of Clark and Chestnut Sts. on a 41,000-square-foot site that was purchased from US Bank, which also provided an $88 million construction loan.

Walsh adds that he also expects the rents at 833 to hold up over the long term because the development team aims to “design a building that has permanence to its style. It's going to have a classic, sophisticated, European bent to it; one that I think is going to be very appealing to people who are highly-educated and are in an upper-income bracket.”

When it opens in early 2017, 833 North Clark Street Apartments will comprise 373 luxury apartments, including 78 studios and convertibles, 212 one-bedroom units, 76 two-bedroom units and 7 penthouse apartments. Unit sizes, except for the penthouses, will range from 563 square feet to 1,252 square feet. Penthouse units will range from 1,179 square feet to 3,250 square feet.

The first floor will feature an elegant lobby, a library, resident lounge, business center, and conference area for the use of the building's residents. The rooftop level will offer a sundeck with an outdoor pool, private cabanas, outdoor fireplaces, a resident lounge with a cyber café and many other amenities.

Most of the east, west, and south façades will have a buff-colored solid massing inspired by turn-of-the century architecture. The north end, however, will present an all-glass massing inspired by Chicago's Miesian tradition. The interior spaces will also feature an attention to detail that will “rival ownership quality. It will feel genuine and not transitional. Our desire is to deliver an architectural gem that embraces history and adds to the great character of this special place.”