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Old May 9th, 2013, 12:01 AM   #1
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CHICAGO | Optima Signature | 179m | 587ft | 57 fl | Com




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Optima plans second, 60-story apartment tower in Streeterville

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By: Micah MaidenbergMay 08, 2013

The developer of a new Streeterville apartment tower is teeing up plans for another one next door, adding to the bulging pipeline of downtown rental projects.

A venture led by Glencoe-based Optima Inc. paid $29 million last month for a one-acre site at 220 E. Illinois St., where it plans a $250 million skyscraper rising as high as 60 stories, said David Hovey, Optima's president. The tower would include 400 apartments, a 200-room hotel and a 60,000-square-foot retail space designed for a single tenant, Mr. Hovey said. It would be immediately east of Optima Center, a 42-story, 325-unit building at 200 E. Illinois St. that Mr. Hovey's firm is also building. Optima hopes to complete the second tower in 2017.

The proposed tower joins a long list of projects in the works amid a sizzling downtown apartment market, which has allowed landlords to hike rents to record levels. In Old Town, meanwhile, a new apartment building is expected to sell for the highest per-unit price in the city's history. Developers are expected to completed close to 5,200 units downtown by the end of 2014, according Chicago consultancy Appraisal Research Counselors. Yet the boom has some observers predicting rent growth will diminish as landlords are forced to start offering concessions amid increased competition, dampening investors' and lenders' appetite for new deals.

“We see the rental growth rate slowing down. That's going to make it more difficult to start new projects” in downtown Chicago, said Ronald Johnsey, president of Axiometrics Inc., a Dallas-based apartment research firm.

The Optima venture won't need a zoning change to build its tower. Mr. Hovey, an architect, will design the proposed tower himself. The details are still being worked out, but he sees an “interlocking composition” between the first and second buildings, as well as a new nine-story structure, around a plaza. Amenities will include swimming pools, an outdoor spa and a fitness center.

Mr. Hovey said he is speaking with hotel operators about the project and is in “extended talks” with a tenant for the retail space, declining to discuss specifics.

[...]
Read more: http://www.chicagorealestatedaily.co...#ixzz2SjjJ1Jms
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Old May 9th, 2013, 12:17 AM   #2
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Cool, it's awesome that Chicago gets some new development too
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Old December 5th, 2013, 01:58 AM   #3
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First Look at David Hovey's Optima Chicago Center II



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Curbed's Optima connections paid off today with the volunteering of a lone rendering for the now-57-story building immediately east of the first tower.

The room and residence count is unchanged, and 60,000 square feet of retail and restaurant space is in the mix. The building takes the form and materials of the first Optima and elongates them. The parking podium has the same black glass shell with a larger 12th-floor amenity deck; the facade has a similar mid-height break (for more amenities); and the roof deck stands 15 stories above its sister's. Seems like Hovey and Streeterville as a whole were pleased with the first project. Delivery is targeted for 2017.
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Old December 7th, 2013, 08:42 PM   #4
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They form a nice couple.
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Old August 10th, 2014, 04:48 AM   #5
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55 floors with plaza
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Old September 8th, 2014, 09:13 PM   #6
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In prep:


http://chicago.curbed.com/archives/2...le-roundup.php Harry C.
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Old November 1st, 2014, 03:35 AM   #7
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Over 83% leased!

Next up for Streeterville: 498 more apartments

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The developer of the Optima Chicago Center rental building in Streeterville is forging ahead with the project's next phase, adding another big clump of units to an increasingly crowded downtown apartment market. A venture led by developer and architect David Hovey recently started construction on what Mr. Hovey said would be a 57-story, 498-unit apartment building at 220 E. Illinois St. The skyscraper, which will include about 62,000 square feet of retail and commercial space, will stand immediately east of the first Optima tower, a 325-unit rental building that was 83 percent leased at the end of the second quarter, according to Chicago-based Appraisal Research Counselors.

Mr. Hovey, president of Glencoe-based Optima Inc., and his partners in the development, Tampa, Florida-based DeBartolo Development LLC and an investor Mr. Hovey declined to name, are putting up the tower amid a downtown residential boom that's expected to deliver about 3,700 rental units next year, a record. Another 5,000 are on the drawing board for 2016.

[...]
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Old February 27th, 2015, 12:01 AM   #8
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Optima II slowly progressing:






http://www.chicagoarchitecture.org/2...ate-optima-ii/
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Old August 18th, 2015, 04:39 PM   #9
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Quote:
Originally Posted by george View Post
8/16

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Old August 24th, 2015, 03:26 AM   #10
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The New Construction permit was issued on August 18, 2015, also.
http://www.chicagocityscape.com/perm...?pid=100609789

No new information in there, except the contractor names. Concrete Structures of the Midwest has been involved in a lot of other major construction projects including a renovation at McCormick Place South in 2006 and the new Rush University hospital building in 2009.
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Old September 1st, 2015, 11:36 PM   #11
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More recent pics here: http://www.chicagoarchitecture.org/2...optima-center/



http://openhousechicago.org/sites/si...ry-apartments/







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Old September 2nd, 2015, 02:29 AM   #12
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Looks like permits are saying 587 feet and 53 floors for this one. Could change but might be a good idea to move this to the highrise section for the time being.
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Old September 2nd, 2015, 05:24 AM   #13
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Thanks!
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Old September 2nd, 2015, 05:39 AM   #14
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You bet. Sorry I dont have a source but last permit I saw gave those figures.
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Old November 26th, 2015, 01:31 AM   #15
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10/17


Angie McMonigal Photography-4728-Edit by Angie McMonigal, on Flickr
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Old April 23rd, 2016, 12:27 AM   #16
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4/11


https://twitter.com/ChicagoArchitec
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Old June 14th, 2016, 11:13 PM   #17
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Terra Cotta-Coloured Cladding Installed on Optima II

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The second tower in the Optima Chicago Center complex continues to climb as glazing begins installation on the lower floors. At 54 storeys, Optima II at 220 East Illinois Street will be taller than its 42-storey predecessor. Its extra height permits space for more units — 381 in total compared to the 325 in the completed building.
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Old June 15th, 2016, 08:43 AM   #18
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i love chicago,is a great city
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Old June 28th, 2016, 08:53 AM   #19
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6/27

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Old August 9th, 2016, 02:07 PM   #20
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8/8


credit : JMTungstan
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