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Old November 21st, 2006, 03:28 AM   #1
wickedestcity
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CHICAGO | Echelon at K Station | 363ft | 39 fl | Com

Height: Unknown
Floor count: 39
Location: North Des Plaines, North Jefferson
Construction end: 2008
Architect: Pappageorge/Haymes
Development firm: Fifield Realty Co.




Luxury Apartment High-Rise Breaks Ground in Chicago's West Loop
November 20, 2006
By Ethan Fry, Staff Writer

Chicago-based Fifield Companies has almost finished work on one luxury high-rise apartment building in the city’s West Loop and has just broken ground on another. Both buildings are being built within a 2,400-unit master-planned development at the intersection of West Kinzie Street and North Des Plaines Street.
The nearly-completed building, called Left Bank at K Station, is a 37-story luxury high-rise consisting of 451 apartments. Fifield recently broke ground on another high-rise, called Allure at K Station, that will be 39 stories and include 350 luxury apartments, and is slated to come online in summer 2008. Fifield would not say how much they estimate the buildings to cost when completed.

The company said it expects Allure at K Station to appeal to young professionals and empty-nesters seeking housing options in “prime downtown locations” for its “convenient location to nearby restaurants, nightlife and shopping venues.” The company said commuters would also find the development ideal because of its proximity to the expressway, “L” train and to Metro stations.

Alan Schachtman, senior vice president of Fifield, characterized Chicago’s apartment market as “great right now,” with strong interest in the Left Bank building, which had 50 leases in place for Nov. 1 occupancy. Schachtman said more residents will move in on Dec. 1, and by Jan 1 the entire building will have occupancy permits.

“There is not a building that is fairly new product that’s not in the 96-to-97 percent occupancy range,” Schachtman told CPN today. “What we’re finding for this area is that the typical demographic is a fairly young professional working in the Loop who wants a walk to work location, and a location close to all of the shopping and entertainment in River North.”

The building will include 35 studio, 245 one-bedroom and 70 two-bedroom apartments in 11 different floor plans. Units will range in size from 573 to 1,111 square feet, and the building will also include a 280-space parking garage, in addition to an outdoor pool, fitness center, library and media room.

Architects Pappageorge/Haymes designed the building, and McHugh Construction is acting as general contractor for the project. Near North Properties is acting as Fifield’s leasing agent for the development.

Last edited by i_am_hydrogen; September 26th, 2007 at 07:43 PM.
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Old February 1st, 2007, 07:12 PM   #2
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6-tower project planned
$750 million residential complex set for area that housed Kinzie Station

By Susan Diesenhouse
Tribune staff reporter
Published February 1, 2007


A Chicago-based developer intends to build a $750 million residential project near downtown that it said will have enough scope and variety to be a new neighborhood.

Fifield Cos. is set Thursday to unveil finalized plans for a community called K Station that would link the West Loop and River North districts. It would include six residential towers with 2,451 luxury apartments, parking for 2,000 vehicles and 40,000 square feet of retail space, plus a Jewel/Osco supermarket.

The project would include a one-acre public park, walkways and five outdoor swimming pools, among other amenities.

The company already is building the first two apartment buildings in the project. Over the next five to seven years it would complete work on all six towers, which will range in size from 30 to 43 stories. They will rise on the eight-acre site that long ago housed Kinzie Station, a commuter rail stop, the developer said.

The location is bounded by Kinzie, Clinton, Halsted and Wayman Streets, Fifield said.

The city approved the broad concepts for the planned development last spring but it has taken several months to fill in vital details, including the size of the project.

"We're taking one of the last available tracts of undeveloped land in the West Loop to create a new neighborhood," said Steve Fifield, chairman and chief executive of the Fifield Cos., whose joint venture partner for the project is Pacific Life Insurance Co.

For the city, the addition of new rental apartments should be a boon, said Leslie Andren, a senior director for multifamily capital markets at Cushman & Wakefield of Illinois Inc.

"The city needs rental housing units because there's been more taken off the market in recent years for condominium conversion than put back in," she said.

In the past 15 years downtown has lost about 15,000 rental units, she estimated.

For a developer, this may be a good time to put up apartment buildings. Occupancy is strong at 96.9 percent, rents are rising, landlords are cutting back on concessions such as free rent, the city is creating new jobs and well-located sites are scarce, she said.

Meanwhile, there isn't a rush of new rental buildings in development because barriers to entry are substantial. It can take two years to find a site, secure city approvals and financing and get construction under way. With the rising cost of building materials and labor, condominium high-rises can cost around $400 a square foot to develop and rentals about $300, much more than the approximately $200 per square foot to purchase some existing multifamily properties, Andren said.

As a result, this year less than 1,000 new rental apartments are scheduled for completion, far fewer than prospective downtown dwellers could absorb, said Fifield President Rick Cavenaugh.

Furthermore, the 27 percent decline in the sale of new housing, including converted condominiums, through the third quarter of 2006 means that some potential buyers are likely to rent until they are sure the market is rebounding.

If the housing market does spring back in coming years, one or two of the K Station towers might be developed as condominiums. There is reason to speculate, given the surge of new downtown residents in recent years.

From 2000 though 2005 a downtown condominium boom was fueled by eager young professionals and empty nesters who bought housing and now patronize the new shops, restaurants and entertainment venues that opened nearby.

Much of the residential development has centered around the West and South Loop. Since 1991 the total number of downtown housing units doubled to approximately 100,000 while those in the South Loop tripled to 13,500, according to Appraisal Research Counselors, an appraisal and consulting firm.

Given such ebullient activity, just three months ago another Chicago developer, Centrum Properties Inc. kicked off the Roosevelt Collection, an approximately $900 million mixed-use project in the South Loop. It is slated to have about 1,000 condominiums, parking for 1,700 cars, 400,000 square feet of retail and a 2.5-acre park.

The West Loop has been another hot spot of downtown development. Since 1991 the number of housing units has more than quadrupled to approximately 14,000 from 2,900. There have also been several new office buildings. In the past eight years Fifield has produced four of the new office towers as well as two residential projects not related to K Station.

Last fall it completed construction on the first 37-story tower of the K Station neighborhood called Left Bank. Since November the 451-unit building, designed by Chicago-based DeStefano & Partners, has leased 90 units that on average rent for $2.29 per square foot with no concessions, said Cavenaugh.

Fifield developed it with a unit of Prudential Insurance Co. and expects to close on the sale of its interest to Prudential on Wednesday. It declined to state the price.

"We are a merchant builder and will probably sell some K Station buildings and keep two or three for the long term," said Cavenaugh

Also in November Fifield started construction of the second 39-story K Station tower, with 350 units, designed by Pappageorge/Haymes Architects, due for completion by mid-2008.

A month ago the developer closed on the last four acres of the site, which it purchased from a Chicago-based subsidiary of Heartland Partners LP, successor to the Milwaukee Railroad.

This fall Fifield will break ground for a third 422-unit rental building, Cavenaugh said.

Apartments will range from studios to three bedrooms. Average rent for a 750-square-foot one-bedroom will be $1,710 and for a 1,050-square-foot two-bedroom about $2,400.

Fifield said that the project design and features, like the playground, performance stage, walking paths and sculpture, will create "a community that will provide residents with a sense of arrival and belonging."

http://www.chicagotribune.com/busine...i-business-hed





6 towers? wow this is gonna be alot bigger than i originaly thought it will be

Last edited by wickedestcity; February 1st, 2007 at 08:21 PM.
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Old February 1st, 2007, 07:30 PM   #3
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I'm lovin Allure!!
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Old February 1st, 2007, 09:01 PM   #4
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I'm lovin Allure!!
Ew! Really? It reminds me of the horrible painted concrete disasters that populate River North.
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Old February 1st, 2007, 09:13 PM   #5
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It will have a nice park to the North of the building which will tie Kinzie Street to Halted. Halsted is elevated 20' in the air. This rendering is from the railroad tracks (really the back of the building), there must be better views...
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Old February 2nd, 2007, 05:55 AM   #6
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Quote:
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Ew! Really? It reminds me of the horrible painted concrete disasters that populate River North.
Yeah but this one is octagonal with 4 glass sides. Upon second look though, I would change pastel blue to a navy blue or something else and that parking garage needs to go. But I still really like the overall architecture of the building.
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Old February 2nd, 2007, 07:07 AM   #7
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It seems P/H has somewhat a split personality: glassy and stylish like OMP/OMPW, but, on the other hand, has blandish look like Allure.
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Old February 2nd, 2007, 10:43 PM   #8
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How do they expect to create a neighborhood when they specifically decided to not include retail in the podium AND then design the parking garage podium to look like that! please tell me the podium is a working rendering and not the actual design!
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Old February 13th, 2007, 05:24 AM   #9
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Even worse, the base is going to be brick, not precast concrete. I think this takes something away from the monumentality of the building. There is a Jewel across the street, so hopefully that will generate some pedestrian activity.
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Old February 13th, 2007, 06:16 AM   #10
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The reason why retail was not allowed in this development was because of the frontage. As far as I know, this tower will have a small frontage on elevated Desplaines (enough for an entrance), and the Kinzie frontage will have a large setback behind the planned park. The developers wanted to avoid bringing retail traffic through the park, so they nixed the retail.
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Old February 13th, 2007, 08:51 AM   #11
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.....The developers wanted to avoid bringing retail traffic through the park, so they nixed the retail.
In other words, don't use the park unless you live here. Not very neighborly of them.

Reminds me of the bad old days, when park designers in some cities would purposely install park benches that were too uncomfortable to sit on for more than a few minutes, to discourage loitering.
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Old February 14th, 2007, 06:25 AM   #12
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Image of the proposed park
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Old February 14th, 2007, 07:39 AM   #13
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^ Not bad for a small park, nice find spyguy. Does seem odd they would discourage foot traffic in the area though... seems like they would want to make it look "lively."
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Old February 15th, 2007, 12:02 AM   #14
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^ Not bad for a small park, nice find spyguy. Does seem odd they would discourage foot traffic in the area though... seems like they would want to make it look "lively."
Perhaps a more private enclave is aimed to entice families into the development.
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Old February 15th, 2007, 02:19 AM   #15
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To be honest, I wouldn't walk here to shop unless I lived north near Grand/Milwaukee. From River North or the rest of the West Loop, this is a bit isolated. You have some of the busiest rail tracks in Chicago (which NEED to be grade separated) to cross, and nobody's really addressed the desperate need for sidewalks here yet. Hopefully Natarus will get on the ball here.

BTW: Has Jefferson been de-vacated between Fulton and Kinzie? Google Earth shows it as essentially a private driveway north of Fulton (4 year old imagery), and non-existent north of the Metra tracks.

Last edited by ardecila; February 15th, 2007 at 02:26 AM.
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Old February 15th, 2007, 07:10 PM   #16
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Concerning Jefferson: It's not private, but it definitely doesn't cross the tracks. There are a few parking spots where it ends.
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Old February 27th, 2007, 12:45 AM   #17
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Old February 27th, 2007, 01:18 AM   #18
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I keep flashing on Lowenburg/River North with this one - big floor plates, bulky, beige (concrete? Or is it veneer?)

Last edited by wrabbit; February 27th, 2007 at 08:28 PM.
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Old February 27th, 2007, 01:58 AM   #19
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Yea but that dark blue almost redeems the beige-ish concrete or whatever, so its ok, IMO.
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Old February 27th, 2007, 07:18 PM   #20
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This is so much worse than anything Low-end-burg has ever done. It looks like a prison.
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