CHICAGO—Centrum Partners recently hosted a party at Sub51 to celebrate the topping off its newest luxury apartment development, Hubbard221, located on the corner of Hubbard and Wells Sts. in Chicago's River North neighborhood. Arthur Slaven and John McLinden own Hubbard221. McLinden, who recently launched his newest venture Hubbard Street Group for future development projects, continues to manage, alongside Slaven, a number of Centrum's developments in progress including the 195-unit Hubbard221.

The developers will complete the 23-story TOD building this fall. Chicago is in the midst of a remarkable apartment boom, and will soon see thousands of new units, but Centrum officials don't seem too worried about that competition.

“The market is going to see many new units over the next year-and-a-half, but projects like this will best weather the storm,” McLinden tells GlobeSt.com. “We've positioned this building to be among the top rental properties in the city in terms of its amenities.”

And the location, just north of downtown and next to the train lines that serve the Merchandise Mart's giant tech hub, is hard to beat. “It is one of Chicago's true 24/7 locations,” McLinden says. “On the weekends, most of the Loop is dead, but around here the streets are still filled with people and activity.”

River North is also the city's most vibrant office submarket, another factor that helped convince Centrum to break ground on Hubbard221. “There are more than 10,000 people that work in the Merchandise Mart every day,” McLinden says. Along with 300 N. LaSalle St. and the vast collection of well-occupied loft office buildings in the immediate neighborhood, that gives Hubbard221 a huge pool of potential renters. “That will help this building stand out.”

The partners also recently began building an adjacent 50,000-square-foot office project. McLinden says mid-size users seeking marquee space in Chicago will find the nine-story boutique office building ideal. The project is already about 40% pre-leased.

Hubbard221 will feature a mix of studio, convertible, one, two and three bedroom units and a handful of penthouses. Luxury units come standard with the finishes found at all Centrum properties such as floor-to-ceiling windows, private balconies, Italian cabinetry, quartz countertops, Kohler fixtures, plank flooring and frameless glass showers. But the amenities may be its biggest selling point.

“Amenities used to be an afterthought,” McLinden says. “Developers used to set aside a small space down in the basement for a fitness room. But we're putting our amenities near the top of the building where tenants will have incredible views.”

The offerings will include a rooftop pool with cabanas; fitness center with cardio and strength training equipment; yoga studio with Fitness OnDemand; 24/7 concierge; chef's kitchen; resident lounge; party room; a fully equipped business center; dog run/spa; and a bicycle storage and maintenance station. Residents will have access to the premium pet care concierge company Baroo, as well as the local fitness and wellness concierge service LulaFit.

Centrum is also seeking LEED Silver certification for the building which will also feature 95 indoor parking spots and several charging stations for electric cars. Both the office and apartment buildings will have ground floor retail space.

Hirsch & Associates is Hubbard221's architect while Linn-Mathes is the general contractor. The Bozzuto Group will lease and manage the development. Pre-leasing will begin late summer 2017.

Instant Insights /

Apartment Boom Doesn't Faze River North Developers

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