New Downtown Apartment Towers Filling Up
The Sinclair, the new 390-unit luxury apartment project at 1201 N. LaSalle St. in Chicago’s Gold Coast neighborhood, was 95% leased by July 1.
CHICAGO—Some observers worried that the quick pace of new multifamily construction in many Chicago neighborhoods would create a downtown apartment glut. But so far, the city’s newest apartment towers are filling up.
Officials from Chicago-based Fifield Realty Corp. say that The Sinclair, their 390-unit luxury apartment project at 1201 N. LaSalle St. in Chicago’s Gold Coast neighborhood, has been leasing at a record pace with an average of 32 units per month since its opening in August 2017. The 35-story tower, which includes 35,000 square feet of amenity space and best-in-class services, was 95% leased as of July 1.
“Our team understood the pent-up demand in this classic downtown neighborhood for new-construction luxury apartments,” says Randy Fifield, chairwoman of the company. “We designed The Sinclair to cater to sophisticated Chicagoans seeking not only elegant and modern unit finishes, but also a suite of amenities and services that rival what you experience in a five-star hotel.”
Residences at The Sinclair range from 500 to 2,600-plus square feet, with a mix of studio, one- two- and three-bedroom floor plans, along with four-bedroom penthouses. Current rents range from $1,900 per month for some studios to $13,870 per month for a four-bedroom penthouse. Homes feature plank flooring; quartz countertops; frameless glass shower doors or tubs; white soft-close cabinets, premiere stainless-steel appliances and range hoods. Apartments also feature Nest programmable thermostats, blackout window shades and oversized windows with views of Lake Michigan and the city’s skyline. Private balconies and walk-in closets are available with certain floor plans.
“The Sinclair was the first new-construction tower to open in the Gold Coast in two decades,” says Steve Fifield, chairman of Fifield Cos. “We are ahead of our own projections and industry expectations with leasing, and we expect demand to remain strong. As with all our apartment communities, we will review our amenity offerings and services several times a year to be certain we understand our tenants’ needs and wishes and stay ahead of the curve.”