CHICAGO, IL - Greystar, a global leader in the investment, development, and management of high-quality rental housing properties, announced that it is breaking ground on its first high-rise development project in downtown Chicago at 166 N. Aberdeen St. The new building will include 223 apartments in studio, convertible, 1BR, 2BR and 3BR floorplans.
"We're excited to break ground on Greystar's first development in Chicago," Yale Dieckmann, Managing Director of Development, said. "Fulton Market is the most dynamic neighborhood in the city, and we look forward to complementing the area's substantial office development with high-quality housing. The location is ideal for people who want a walkable neighborhood with access to the best live/work/play amenities in the city."
"What's good about this development is that it's good for the city. In addition to investment in Fulton Market, we're going to get affordable housing in West Garfield Park," Alderman Walter Burnett said. "It's a win for the west side and a win for the city."
"This neighborhood represents the future of Chicago," Deputy Mayor Samir Mayekar said. "To have Greystar, the largest apartment developer in the nation, building their first development in downtown Chicago shows that Greystar is long on the city's future and long on urban development."
Greystar is working with architect, planning and design firm SCB to bring to life a building that includes a nod to the past while also looking to the future with a metal articulated tower about the historic warehouse-like masonry base. Greystar and SCB are utilizing sustainable techniques and plan on seeking Green Globe Certification.
The high-rise will also feature a third-floor amenity level with a 5,650 SF outdoor deck that includes a pool, lawn and lounge areas that have direct access to the co-working and fitness areas. A signature outdoor lounge on the 14th floor faces downtown Chicago and delivers spectacular views of the famous Chicago skyline.
The building will feature ground-floor retail adjacent to the tower entry. Delivery of first units is planned for January 2023 with construction completion in March 2023.