Cushman & Wakefield Marketing EnV Retail Space

The space is expected to deliver in spring 2010, according to Shannon Hormanski, who is marketing the space on behalf of Cushman & Wakefield.

None of the retail has yet been leased, but Hormanski says the firm is already seeing significant activity. "We have a lot of momentum and interested parties coming forward," Hormanski tells GlobeSt.com. "One of the main benefits is that it's so close to the Merchandise Mart that has been doing so well for such a long time. Having EnV across the street from there really complements the location."

Lynd hopes to fill the retail portion with four to six tenants. Asking lease rates for the space will range from $30 to $55 per square foot, triple net, based on the location within the building. "The Merchandise Mart has increased rental rates recently, so we're in line with what the market is asking for high-end, visible space on the street," Hormanski says. "It's a pretty unique retail opportunity that has all the elements needed to showcase a retailer's merchandise because of the access to transportation and floor-to-ceiling windows."

The property is located in the River North neighborhood. "This is a growing area and it's a real opportunity for River North to have this new retail and residential space come on line," Hormanski says. "The submarket warrants having retail space with a more modern design."

The apartments above the retail will range in size from studios to two bedrooms. Rental rates for the apartments will range from $1,500 for a studio to $4,800 for the property's two penthouse units. The building will offer 129 parking spaces for tenants. The residential portion of the development has not yet begun to be leased, and is also expected to deliver in spring 2010.

"It is supposed to be one of the first LEED-certified green buildings, which goes in the direction Mayor Daley wants to go with Chicago," Hormanski says. "It also has a lot of unique state of the art features. The building brings us to an elevated level with technology to have common services delivered to us faster."

Technology components planned for the building include a virtual concierge and an innovative Web site offering methods for easy rent payments and other services. The building will also provide each tenant with V-Connect, an amenity system from Apple Computer, which will allow residents to integrate security and other preferences via iPod or iPhone, and will serve as their point of contact with the leasing center.