Construction of the Loop’s newest residential tower is officially underway.
Work on 73 East Lake Street (formerly The Summit on the Lake) has actually been happening for several weeks. But now that the underground portion of the building is done, the tower crane is in place, and the building is ready to become part of the Chicago skyline, an official groundbreaking ceremony was held this morning.
M&R Development’s 42-story building will climb 471 feet into the sky on a tight right-angle lot facing both north onto Lake Street and Wabash Avenue as it wraps around the MDA City Apartments. It was formerly the site of a small parking garage.
Like every new building that goes up in Chicago these days, its owners promise it will have unsurpassed luxury amenities:
When completed, 73 East Lake will include 332 units with 178 indoor parking spaces and a variety of upscale features and amenities. The 9th and 10th floors of the high rise will be luxury amenity floors that will include an indoor pool, oversized spa with a waterfall, sauna and steam rooms, state-of-the-art fitness center, yoga/Pilates studio, business center and conference room, two-story cyber café, and event room, theater, and game room. The north end of the 42nd floor will have another 2,000-square-foot event room with 18-foot ceilings and east, west and north views. Additionally, the 42nd floor will feature a sundeck with views of Lake Michigan and Millennium Park, a green roof, BBQ area and cabanas.
In other words, it is taking on the MDA Apartments next door head-on, which is a good thing. The last time we did an in-depth study of downtown Chicago apartments, MDA landed on the wrong size of the value/money equation when items like utilities, location, amenities, price, and size are factored in. Perhaps when 73 East Lake comes online it will force MDA to think more realistically about its pricing structure.
73 East Lake will have studios, convertibles, one- and two-bedroom homes. It’s expected to start leasing in April, 2014.