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CHICAGO-Tenants have begun to move into the $100M Residences at Burnham Pointe, a 298-unit, 29-story South Loop building developed by Terrapin Properties. The apartment building, at 720 S. Clark St. in the Printer’s Row neighborhood, is now about 10% occupied and 17% leased. The development was originally planned as condominiums, but plans were changed based on the current market, says Michael Ezgur, principal with Terrapin.

“We recognized Printer’s Row as a very strong rental market down in that particular area,” Ezgur tells GlobeSt.com. “It’s a very positive market and a great neighborhood. Because of the fact that it was built as a condo building, it ends up being a very nice rental because we left all the specs and amenities as if it would be condos.”

One and two-bedroom units range in size from 750 to 2,250 sf, and feature granite countertops, designer fixtures, steel appliances and wood floors. Every unit also includes extensive closet space and a private balcony or terrace, as well as floor-to-ceiling windows with views of the city, Ezgur says. The building offers tenants a health club, aquatics center, spa, resident lounge with gourmet chef kitchen, business services center and 24-hour door staff.

The average rent is around $2,366, according to Kellie DeVilbiss, president with Jupiter Communities LLC, which is acting as the management company for the property. “Traffic has been great,” DeVilbiss says. “Everyone wants to get a look inside since the units have high-end condo finishes.”

The development also includes indoor, heated parking and 16,000 sf of retail space. About 1,100 sf has been leased so far, to a dry cleaner, says Doug Renner, VP with the Baum Group, which is marketing the retail space. The space has not yet been delivered to the tenant. Asking lease rates for the retail space is around $35 per foot, Renner says.

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