(To read more on the multifamily market, click here.)

CHICAGO-A long-awaited multifamily rental building planned for the corner of Des Plaines and Kinzie streets will be slimmer, taller and have 35 more units than originally expected. Revised plans by Fifield Cos., calling for a 350-unit, 39-story building at the southeast corner, were endorsed Friday by the plan commission.

Rents in the multifamily tower, across Kinzie Street from the Blommer Chocolate factory and part of the Kinzie Station development, are expected to exceed $2 per sf. However, 42nd Ward Alderman Burton Natarus predicts the building eventually will become condominiums. “Eight or nine years from now, it’ll be condo,” he says.

The estimated $80-million project has been in the works since 1999, when it first won city approval. Plans also were changed last year. The most recent rendition drops 4,233 sf of retail space from the plans, and the number of parking spaces is cut from 414 to 287. Meanwhile, the building’s footprint is cut in half, to about 10,000 sf, in the revision. Regardless, city officials are anxious to see construction begin, because a one-acre park is in the plans.

“We will start construction of this building, and this park, as soon as we get the permit,” says Fifield Cos. senior vice president Alan Schachtman, telling GlobeSt.com 70% of the units will be one bedrooms. “We are rarin’ to go on this project.”

Two-bedroom units will make up 20% of the mix in the building in the 600 block of W. Kinzie Street, Schachtman says, with the remaining 10% studios. The company already owns the 274-unit 180 N. Jefferson rental building, having acquired it in 2004 for $62 million. Rents there range from $1,127 per month for studios to $3,822 for three-bedroom units.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.