CHICAGO, IL - CA Residential LLC, the multifamily investment and development division of Chicago-based CA Ventures, in a joint venture with Chicago-based K Giles LLC, announced it has commenced construction on a 320-unit mixed-use development at 1136 S. Wabash Ave. in Chicago’s South Loop. Located steps from the CTA Roosevelt station, which serves the CTA’s Red, Green and Orange lines, the transit-oriented project is scheduled to deliver in May 2018 and will be managed by Chicago-based The Habitat Company.
“The South Loop is one of the city’s fastest-growing neighborhoods and we believe demand for housing in this area will only continue to increase as development pushes farther south,” said JJ Smith, COO of CA Ventures. “With 1136 South Wabash, we’ll be able to transform an underutilized parking lot into a modern mixed-use development that will appeal to a wide range of renters by offering a mix of unit sizes, lifestyle-oriented amenities and an unparalleled location at the epicenter of all the South Loop has to offer.”
When complete, the 26-story tower will include 320 luxury apartments, 5,000 square feet of street-level retail and parking for 141 vehicles. Residences at 1136 South Wabash, located on floors six through 25, will include 160 studios, 80 one-bedroom/one-bath units and 80 two-bedroom/two-bath units, with floor plans ranging in size from 389 to 1,027 square feet.
Each apartment will feature high-end kitchens with contemporary cabinetry, quartz countertops with glass tile backsplash and stainless steel appliances; full-height, ceramic wall tile in baths; Grohe plumbing fixtures throughout; and in-unit washer and dryer. Floor-to-ceiling windows will showcase sweeping views of the downtown skyline and Lake Michigan from nearly every residence. Select units will also feature private balconies.
“We’ve learned that renters want all of the amenities and high-end finishes that today’s luxury apartment towers have to offer but at a more attainable price point,” said Smith. “With units starting under $1,500 per month, 1136 South Wabash will present a relative value compared with other newly developed residential communities in the South Loop.”
In addition to well-appointed residences, 1136 South Wabash will boast more than 22,000 square feet of amenity space, including a rooftop deck with multiple landscaped terraces, seating areas, and an outdoor pool and spa. The building’s fifth floor will house a state-of-the-art fitness center and yoga studio; business center; meeting pods; entertainment suite; media and gaming rooms; pet grooming station; and outdoor dog run.
Residents will also enjoy the convenience of nearby restaurants and retail, including a Trader Joe’s grocery store across the street from the building. And, more than 300 acres of green space will be within walking distance of the community.
“1136 South Wabash is located just north of Wabash and Roosevelt, the heart of the vibrant South Loop neighborhood,” said Keith Giles, principal, K Giles LLC. “There is no other property in the neighborhood that compares to this location with its convenient access to the neighborhood’s most popular shopping, dining and entertainment destinations, not to mention it’s just steps from Grant Park, the Museum Campus and Lake Michigan.”
Lendlease, one of the world’s largest development, property, infrastructure and construction management firms, will oversee construction of the Solomon Cordwell Buenz-designed tower.
“We are excited to have been selected as the general contractor for this project and to have the opportunity to contribute to the growth of the South Loop’s residential market,” said Jeffrey Riemer, executive vice president and executive general manager of Lendlease.
About CA Ventures/CA Residential, LLC: CA Ventures LLC is a Chicago-based real estate investment holding company whose international portfolio includes $6.3 billion in assets throughout the U.S. and Latin America. While initially focused on student housing, CA Ventures has since diversified into other sectors, including office, senior lifestyle, multifamily, and hospitality. In addition to development and renovation, the firm specializes in institutional joint ventures; value add investing; equity and debt sourcing; and asset management services. CA Ventures serves as the holding company for the CA family of companies, including CA Student Living, CA Office / Vanderbilt Partners, CA Senior Living, CA Residential, CA International, CA Hospitality, and CA Asset Services. For more information, visit www.ca-ventures.com.
About K Giles LLC: Keith M. Giles has been a pioneer in development in the City of Chicago. Since 1987, he has developed many properties, including more than a dozen residential communities in Chicago's South Loop. His experience includes residential high-rise development, historic renovation, adaptive reuse development, student housing, construction, and marketing of high density properties. For more information, visit www.kgilesllc.com.
About Lendlease: Lendlease is a leading international property and infrastructure group. Listed on the Australian Securities Exchange and with circa 12,000 (June 2016) employees worldwide, Lendlease’s capabilities span the property value chain. The Americas region, headquartered in New York, offers core capabilities in development, construction, communities and investment management services. Our expertise covers multiple sectors including arts & culture, aviation, commercial, education, energy, government, healthcare, hotels & resorts, industrial, life science, military communities, mixed-use, multi-site, residential, senior living, telecommunications, transportation and urban regeneration. Lendlease is committed to operating Incident & Injury Free wherever it has a presence, safely creating innovative and sustainable property solutions while forging partnerships and delivering maximum benefits to clients, investors and communities. For more information, visit www.lendlease.com.