The second phase will include a second tower with 420 units,which will average 950 sf and are expected to command rental ratesin the neighborhood of $2.30 per sf when occupancy begins in thesecond quarter of 2006. Both buildings will include parking garagesas well as a combined 21,000 sf of retail space.

The property is being sold by the Teachers' Retirement System ofIllinois, which also owns the Time-Life Building immediately to thewest at 541 N. Fairbanks Ct. While Golub & Co, is partneringwith AEW Capital Management, L.P. on the project, Michael Newman ofthe company tells GlobeSt.com a major pension fund will finance theproject once ground is broken.

The two-acre development site is surrounded by a chain-linkfence. The soil had been contaminated by former users, had beencleared of commercial buildings and used as a parking lot. Cityofficials closed the parking lot to allow for the removal ofcontaminated soil.