X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Cushman & Wakefield has been retained by Lynd Development Partners to market the retail portion of the company’s 29-story, 249-unit apartment building. The tower, now under construction at 161 W. Kinzie St., will be known as EnV and offer 27,000 square feet of retail on three stories.

The space is expected to deliver in spring 2010, according to Shannon Hormanski, who is marketing the space on behalf of Cushman & Wakefield.

None of the retail has yet been leased, but Hormanski says the firm is already seeing significant activity. “We have a lot of momentum and interested parties coming forward,” Hormanski tells GlobeSt.com. “One of the main benefits is that it’s so close to the Merchandise Mart that has been doing so well for such a long time. Having EnV across the street from there really complements the location.”

Lynd hopes to fill the retail portion with four to six tenants. Asking lease rates for the space will range from $30 to $55 per square foot, triple net, based on the location within the building. “The Merchandise Mart has increased rental rates recently, so we’re in line with what the market is asking for high-end, visible space on the street,” Hormanski says. “It’s a pretty unique retail opportunity that has all the elements needed to showcase a retailer’s merchandise because of the access to transportation and floor-to-ceiling windows.”

The property is located in the River North neighborhood. “This is a growing area and it’s a real opportunity for River North to have this new retail and residential space come on line,” Hormanski says. “The submarket warrants having retail space with a more modern design.”

The apartments above the retail will range in size from studios to two bedrooms. Rental rates for the apartments will range from $1,500 for a studio to $4,800 for the property’s two penthouse units. The building will offer 129 parking spaces for tenants. The residential portion of the development has not yet begun to be leased, and is also expected to deliver in spring 2010.

“It is supposed to be one of the first LEED-certified green buildings, which goes in the direction Mayor Daley wants to go with Chicago,” Hormanski says. “It also has a lot of unique state of the art features. The building brings us to an elevated level with technology to have common services delivered to us faster.”

Technology components planned for the building include a virtual concierge and an innovative Web site offering methods for easy rent payments and other services. The building will also provide each tenant with V-Connect, an amenity system from Apple Computer, which will allow residents to integrate security and other preferences via iPod or iPhone, and will serve as their point of contact with the leasing center.

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?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

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.