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

CHICAGO-Fifield Cos. has detailed its final plans to round out its $750 million, mixed-use project called K Station, bordered by Kinzie, Clinton, Halsted and Wayman streets. The project entails about 2,400 apartment units, and 40,000 sf of retail space on the ground floors, in six towers ranging from 30 to 43 stories.

Left Bank, the first building of the development, opened last November, says Alan Schachtman, senior vice president and the principal in charge of the K Station projects. At 300 N. Canal St., the 37-story building has 450 apartment units. The apartments are open, but the retail space is currently occupied by the contractor finishing up the project, he says.

Construction on the second building, at 333 N. Des Plaines Ave., began last October and will probably be finished by next spring. The 39-story building on Des Plaines Avenue will have 350 apartment units and will be unlike the other buildings in that there will be no retail on the ground floor, Schachtman says.

The next groundbreaking will take place late this year on a piece of property bordered by Jefferson, Kinzie, Clinton and Wayman streets. “Ideally, the thought is to start the buildings a year apart,” he says. Fifield will complete the development in about five to six years, he says.

The buildings will have a mixture of studio convertible, one-, two- and three-bedroom rental units from 500 to 1,500 sf. The development will also have 1,920 parking spaces, a Jewel-Osco Grocery Store and a one-acre public park with an amphitheater with a performance stage that will be given to the Chicago Park District once completed, he says. The public park, named The Park at K Station, will also have a walking path, and different areas for families and dogs, and is expected to open this fall. The retail will consist of mostly service retail such as dry cleaners, coffee shops and convenience stores. There have been no leases signed yet for the retail and, Schachtman says, he does not know what the average lease rate will be.

Fifield had been looking at the 8-acre land parcel for about six years before starting the development. “We realized that there were not many fairly large pieces of property left in the city for this kind of development,” Schachtman says. The project will be within walking distance from River North, Michigan Avenue, the train station, the “L” tracks and, for many, will be within walking distance to work.

The plan is currently for all of the residential units to be rental apartments, but Fifield may decide to construct some of the buildings with condominiums, Schachtman says. “We have the ability to do condos. If on some of the later buildings we feel that the market is there and right for it, we could easily do condos instead of apartments,” he says.

Left Bank was designed by DeStefano and Partners and constructed by Power Construction. The building at 333 N. Des Plaines Ave. was designed by Pappageorge/Haymes Architects, and McHugh Construction is the general contractor and construction manager.

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