Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the multifamily market.)

CHICAGO-AvalonBay Communities Inc., headquartered in Alexandria, VA, plans to build Avalon on South Clark, a 1,000-unit apartment development. The company recently acquired a 3.5-acre site on the 800 block of South Clark Street in Chicago’s South Loop neighborhood. The property was acquired from Lennar Corp., based in Miami, a spokesman for AvalonBay confirms. The sales price was not disclosed but the estimated cost of the multi-phase development is approximately $280 million, according to a released statement from AvalonBay. Representatives from company were not available for comment.

Construction on the first phase of the project is expected to begin in the fall of 2008 and take approximately two years to finish. The complex will have amenities such as an outdoor pool, pool deck, picnic areas, outdoor running track, pet recreation park and a park fronting Clark Street, according to the company statement.

The site had previously received city approval for three towers with up to 1,000 units and garage parking. Lennar had plans to build about 1,000 condominium units on the site, as previously reported by GlobeSt.com. The $350-million condominium project would have included 1,000 units in three towers ranging from 34 stories to 42 stories. Lennar had acquired the site from Nashville-based Allright Parking in 2006 for $13.3 million.

AvalonBay owns, or has an ownership interest, in 176 apartment communities with a total of 49,402 units in 10 states and the District of Columbia. The company currently owns and manages seven properties in the Chicagoland area, in Arlington Heights, Schaumburg, Bloomingdale, Lombard, Westmont and Wheaton.

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?


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 © 2021 ALM Media Properties, LLC. All Rights Reserved.