Service Vouchers Among Multifamily Incentives

CHICAGO-The Park Millennium multifamily rental complex is the first in 14 years in the New East Side area Downtown, but it comes on line with supply outpacing demand. That has prompted developer Charles E. Smith Residential to offer prospects $3,000 packages worth of rent credits or incentives.

Renters at 222 N. Columbus Dr. can either apply the cash to their lease or receive services vouchers for a host of amenities. Among them are 24 hours-a-day room service from neighboring hotels, personal trainers, maid services and 24-hour car service.

Regional vice president of development Jim Dunlop the majority of renters so far are opting for the service vouchers.

Rents for the one-, two- and three-bedroom units range from $1,202 a month to $5,165 a month.

Charles E. Smith Residential owns nine buildings in the Chicago area, comprising 5,000 units. Among them are McClurg Court Center at 333 E. Ontario St., north of the Chicago River and in the New East Side.