CHICAGO, IL - Parkline Chicago developer Moceri + Roszak has completed construction on the building’s 24 condominium residences and will now lease those units as ultra-luxury apartments to capitalize on the booming downtown apartment rental market. Named the “Penthouse Collection,” the 24 high-end apartments will offer renters three or four bedrooms, 3.5 baths, condo-level finishes, and an elevated service and amenity experience.
Located at 60 E. Randolph St. in Chicago’s Loop, one block from Millennium Park, the new-construction, 26-story Parkline Chicago features the 24 Penthouse Collection ultra-luxury apartments on floors 20-25, atop 189 luxury apartments and 6,400 square feet of ground-floor retail. Building construction was completed in April and the 189 apartments on floors 4-19 reached full lease-up in July.
According to RealPage, Inc., the Chicago metro area had its biggest quarter ever for apartment leasing, with more than 10,000 units rented in Q2 of 2021. According to the report, employment growth has accelerated, boosting apartment demand over the past few months and helping to spur household formation and housing absorption. The employment counts in high-paying job sectors across many metros are nearing or exceeding pre-pandemic levels and, in turn, there is strong apartment demand among affluent renters who can afford the new luxury properties.
“When you look at the data on the recent lease-ups in the Chicago area and the tremendous success we’ve had leasing our existing apartments at Parkline since we started in February 2021, it makes sense to shift our for-sale condos to ultra-luxury rentals,” said Thomas Roszak, FAIA, partner of Moceri + Roszak and founder and principal of Thomas Roszak Architecture, Parkline’s architect. “As the Penthouse Collection, the 24 upper-floor residences meet the strong and growing demand for rental apartments in the higher end of the market. We have also added an exclusive, premium service and amenity experience.”
Roszak added, "The valuation of the building simply has greater potential with the upper-level residences renting as penthouse apartments rather than being on the market as condos. The shift is a logical, calculated business decision. In fact, while in pre-marketing of the sale of the 189-unit apartment building, many prospects expressed interested in buying the entire building, including the 24 penthouse units."
As compared to the luxury apartments on floors 4 to 19 of Parkline Chicago, the Penthouse Collection on floors 20-25 are larger – three- and four-bedroom plans with 3.5 baths – and feature condo-quality finishes such as a chef’s kitchen with an oversized kitchen island, Wolf, SubZero and Cove appliances, and Snaidero custom cabinetry; spa-like bathrooms; wide-plank hardwood flooring; large walk-in custom closets; and floor-to-ceiling windows. With only four units per floor, each ultra-luxury apartment is a corner residence and offers a family room, living room, dining room and outdoor terrace measuring 9-feet by 24-feet or larger, along with bird’s eye views of the Chicago skyline, parks, Museum Campus and Lake Michigan. One two-story apartment with a 1,000-square-foot roof deck is available.
“Many longtime renters who value an urban lifestyle want larger, upgraded units without committing to buying,” said Roszak. “And, we have met with suburban homeowners who want to sell their homes and experience downtown living by renting, but they’re seeking the scale and graciousness of a single-family home, with space to host family and entertain. This is what we offer with the Penthouse Collection, along with stunning views, private outdoor space, best-in-class amenities and hospitality-level service.”
Apartments in the Penthouse Collection will rent from $9,000 per month. Two furnished Penthouse Collection models are available for tours.
“Prospects can tour the model to get a sense of the function and sophisticated style of these distinctive penthouse apartments, which feature gracious open-concept design, modern kitchens with built-ins, and outdoor terraces that expand the living space and bring the outdoors in,” said Roszak. “The model also showcases the building’s southeast “monumental” view, highlighting a stunning panorama of Chicago’s Museum Campus, parks and Lake Michigan.”
In addition to rare unobstructed views, Parkline offers the opportunity to live in an iconic downtown location where residents can enjoy dining, shopping, museums, theaters, proximity to offices, events and recreation at Millennium Park, Maggie Daley Park and Grant Park, along with the lakefront path and shore of Lake Michigan.
The Penthouse Collection residences will include special concierge services, a separate lobby, and an exclusive amenity level on the 19th floor with dining/conference room and catering kitchen; lounge library with panoramic views; and a sky terrace known as the “Crow’s Nest,” offering intimate outdoor space to take in city views.
All building amenities on the 4th and 18th floors will be available to Penthouse Collection residents. The 4th floor includes fitness and wellness facilities with cardiovascular and strength equipment, as well as a yoga and spin studio; media lounge and bar; prep kitchen and reservable dining; and an indoor pool and spa that opens via sliding glass walls to a landscaped outdoor sundeck with fire pit, dining areas, grill stations, and a private dog run adjacent to an indoor dog spa. On the 18th floor, residents have access to a social room with catering kitchen; library/coworking space with reservable conference rooms; a business center; two-story-high Sky Lounge; and another expansive outdoor terrace.
Health and wellness was top of mind in the design of Parkline Chicago’s 22,000 square feet of indoor and outdoor amenity space and its common areas, which include wide pass-throughs, socially distanced seating and touchless entry from lobby to residences. A state-of-the-art HVAC system features ionization and air purification, which provides a 99.4% reduction rate for SARS-CoV-2 (COVID-19) surface strain.
Parking for all “Penthouse Collection” residents is available in the building garage off Benton Place. The building also offers ground-floor retail, and Starbucks recently signed the building’s first lease and plans to open a café this fall at Randolph Street and Wabash Avenue. Smoothie King also has signed a lease and will open a store early next year.
For more information on the Penthouse Collection at Parkline Chicago, contact Lincoln Property Management at (312) 883-6060 or parkline@lincolnapts.com.