Chicago-based AMLI Residential recently broke ground on a 50-story high-rise building in the upscale River North neighborhood. The building, made up of 409 rental units, is designed to meet LEED Gold certification requirements.
Two of the most popular real estate trends, rentals and green construction, will come together in AMLI’s luxury apartment development, according to Chicagoland Real Estate forum, which will take up space currently occupied by a parking lot on the southeast corner of Clark and Hubbard. Construction is expected to be completed in November 2013, with some apartments prepared for occupancy as early as July of that year.
With these tough housing market conditions, homeownership is headed towards a historic low. However, this home sales slump is the perfect time for developers to come up with rental buildings, as AMLI Residential has done with the new high-rise, to satisfy consumers who have turned towards the rental market as an alternative to homeownership.
Apartments in the Clark and Hubbard high-rise will come equipped with granite countertops, designer lighting fixtures, hard-surface flooring, built-in wine racks, private balconies and skyline views. Even with these features in mind, arguably the most impressive aspects of the development will be found outside of the residential units.
With the intention of creating a resort-like setting for residents, the pet-friendly and smoke-free tower will include such amenities as a rooftop deck, fitness center, yoga studio, private library, dining room, theatre room, cyber cafe, resident lounge and clubroom and a business center complete with morning room and coffee bar. The rooftop deck alone will include a pool, private cabanas, a fire pit, jogging paths, a dog path and an outdoor movie screen. The ground floor of the tower will be dedicated to 4,500 square feet of shopping, dining and entertainment space.
The development was designed by Chicago-based architectural firm Solomon Cordwell Buenz. As a part of the tower’s Green Permit Process, the design of the building will incorporate historic and elaborate architectural details and lighting.