Chicago-based Fifield Companies, and national developer, Wood Partners, announced they will begin construction on the K Station development’s fifth and final apartment building this month, K2 – seven years after ground broke on the first apartment tower in the K Station master-planned community.
K2 is a joint venture between Fifield Companies and Wood partners, one of the top five multifamily real estate companies in the U.S., and is to be built on a one-acre site located at 365 N. Halstead Street. The 34-story apartment tower was designed by architectural firm Pappageorge/Haymes Ltd., and will include 496 units and 348 parking spaces. The general contractor for the project is McHugh Construction and is scheduled for completion in 2013.
“We are thrilled with the continued success of K Station, and look forward to K2 being the grand finale of this incredible development,” said Vice Chair and Principal of Fifield Companies Randy Fifield. “Anticipating market demand and being ahead of the curve on trends is what we do best. The construction of K Station coincided with the downturn in the for-sale residential market, and we were able to fill a need for upscale apartments with stellar on-site amenities.”
K2 residences will consist of studio, one-, two- and three-bedroom apartments. Luxurious interior finishes include nine-foot ceilings, stainless steel appliances, and Grohe fixtures. Rental rates for the units have yet to be determined.
Other building amenities include a lounge and party area complete with fireplace, large flat-panel televisions and access to the outdoor pool deck, six computer stations with a separate boardroom for residents’ business needs, and a state of the art theater room.
“There may be other new apartment buildings on the drawing boards, but K2 is the only one under construction in the West Loop that offers such direct access to the restaurants and boutiques of Randolph Street and Greek Town,” Fifield said in a press release. “ In some ways, we’ve saved the best for last with K2 – it’s the peak of luxury and lifestyle.”
Funding for K2’s construction was provided by a compendium of commercial banks; the PrivateBank Chicago, Comercia Bank, Fifth Third Bank, Taylor Bank and Bank of the West. K2 is the first Chicago-area development for Wood Partners and will contribute to the more than 4,000 units started nationwide by the company this year. Other apartment residences included Fifeld’s K Station master-plan are the Echelon, Alta and Left Bank towers.