Biggest Apartment Projects of 2015 Add Nearly 2,800 New Units to Chicago’s Rental Inventory
Guest blog by Georgiana Mihaila of RENTCafé
While in 2014 apartment buildings with 50 units or more have delivered an impressive total of 4,000 new apartments to the Chicago rental inventory, recent data shows that local development may have slowed down slightly in 2015.
A total of 18 large multifamily projects were completed last year, delivering close to 3,500 new apartments to market – 12.5% less than in the previous year. Additionally, out of the approximately 3,500 new units added by this segment, 2,765 apartments are part of the city’s biggest rental projects of 2015.
But which apartment projects can claim the title of biggest rental developments of 2015? To find out – and also pinpoint the exact number of units delivered by each of these projects, along with the amenities offered to renters – RENTCafé Chicago has researched the largest multifamily developments completed last year, and ranked them by number of units. And here’s a breakdown of Chicago’s biggest rental projects completed in 2015:
#1 North Water Apartments
The mixed-use project – whose first 14 floors are home to the 400-room Loews Hotel, restaurants, and bars – delivered an impressive total of 398 new apartments to the market. With units ranging from studios to three-bedroom apartments, North Water Apartments also offers a wide array of amenities for its residents, including a pet spa and a sophisticated rooftop sky lounge and terrace with a catering kitchen and surround sound media.
#2 AMLI Lofts
The 850 South Clark Street project, consisting of two 11-story buildings with 5,000 square feet of ground floor retail, matched the North Water Apartments in terms of units delivered. Its 398 apartments are primarily one-bedroom (255 units) and two-bedroom (141 units), featuring a single studio apartment, and one guest suite.
#3 State and Chestnut
The LEED Silver-certified building has added 367 rental units to the local inventory, 243 of which one-bedroom apartments, with the rest consisting of a mix of studios and two-bedroom apartments. Boasting great views of downtown Chicago, the apartments are set atop 4 levels of parking and 3,200 square feet of retail.
#4 Arkadia Tower
With 350 apartments that boast great city views, the Arkadia Tower comes in 4th on our list. With 19 separate floorplans for renters to choose from, the 32-story tower also includes striking amenities, ranging from a technology room to a resident party room with a chef’s kitchen.
#5 Eight O Five
With floor-to-ceiling windows, a hip on-site club, and a 33rd floor rooftop pool, the Eight O Five appeals to its target demographic by delivering 292 units – predominantly one-bedroom apartments (198 units) and studios (83 units).
#6 The Madison at Racine
Located in Chicago’s trendy West Loop neighborhood, just steps from Chicago’s best boutiques, restaurants and parks, The Madison at Racine delivered a total of 216 rental units. To complement the location, the developers have also added top-of-the-line amenities like a landscaped rooftop sun deck with pool, hot tub, fire pit – and panoramic city views – along with a rooftop club room.
#7 The Residences at NewCity
Touted as a hot, new destination – where stylish meets spacious – the NewCity Residences are located in Lincoln Park, at the intersection of North Avenue, Clybourn and Halsted Street on Chicago’s North Side. The 199 apartments offer expansive spaces, wide open plans, and stunning views of the Chicago skyline from their floor-to-ceiling windows.
#8 JeffJack Apartments
With 190 apartments, the JeffJack lands in at no. 8; the modern apartments located at the corner of Jefferson and Jackson feature luxurious touches like vinyl hardwood plank flooring in living and kitchen areas, exposed concrete ceilings, and a secure keyless apartments entry system.
#9 Jones Chicago
With art galleries, restaurants, vibrant nightlife and dramatic city views, River North thrives as a premier Chicago destination; it is also home to Jones Chicago, a LEED Gold-certified building that delivered a total of 188 rental units in the first quarter of 2015. Jones appeals to renters with a new approach to today’s contemporary loft—high gloss cabinetry, cabinet-faced appliances, hardwood floors and fully tiled bathrooms – and by equipping all units with NEST Learning Thermostat™ and USB plug-ins with standard electrical outlets.
#10 Gateway West Loop
The last entry on our list with 167 apartments, Gateway West Loop enables its residents to choose between 36 studios, 83 one-bedroom apartments, and 43 two-bedroom apartments – all boasting thoughtfully designed features, including large walk-in closets and expansive city views for select units.