If you’ve ever wished for a flower-shaped skyscraper to be planted in the heart of Chicago, you finally got your wish. That’s because yesterday people from Jupiter Realty, MetLife, and Allstate put hardhats on, picked up ceremonial shovels, and officially started the skyscraper currently known as 465 North Park.
The skyscraper designed by Pappageorge Haymes will rise directly across from the AMC Theaters on East Illinois Street. AMC is owned by Wanda Group, which is paying for the 93-story skyscraper three blocks to the south, where heavy equipment is currently digging the foundation for the Chinese-financed building. And one of the stars of the film Digging to China was… Kevin Bacon. Everything goes back to Kevin Bacon.
The skyscraper is shaped like three intersecting lobes, like flower petals, when seen from above. The 389-foot-tall south petal actually hangs over both the fourth floor amenity deck/parking garage and the access driveway below. There’s about two-stories of clearance between the common area and the underbelly of the building’s southern extension. The reason is to keep from impinging on the sacred view corridor between Ogden Slip and the Tribune Tower. In the photograph above, provided by Joe Zekas of YoChicago!, you can see how all of the other skyscrapers in the neighborhood stand back from this corridor like a receiving line of eligible bachelors at the Trib Tower’s Southern cotillion.
When Power Construction is finished powering through this project, 465 North Park will have 444 apartments across 48 floors, plus 30,000 square feet of common space with an outdoor pool, fire pits and purportedly some epic views of Lake Michigan. We’ll find out in late spring of 2018 to find out for sure.
Also of import is the fact that the construction of this new building means the re-construction of the old Ogden Plaza on North Columbus Drive. The public park that serves as the roof of a private parking garage is old and outdated. A new plan will bring more green, and less concrete to this corner of downtown.
465 NORTH PARK LUXURY APARTMENT GROUNDBREAKING
MetLife and Allstate partner on new Streeterville development
CHICAGO – September 20, 2016 – Jupiter Realty Company today held a groundbreaking ceremony for a 444-unit luxury rental high-rise project at 465 North Park Drive, in Chicago’s Streeterville neighborhood. The ceremony was attended by representatives from the project team, investors from MetLife and Allstate, and the City of Chicago, including 42nd Ward Alderman Brendan Reilly. Donald A. Smith, Chairman of Jupiter Realty Company, moderated the ceremony.
Smith noted, “Jupiter is delighted to have been selected by MetLife and Allstate to develop what we believe will be a noteworthy addition to the Streeterville landscape. Its strategic location at the intersection of East Illinois Street and North Park Drive will afford it significant neighborhood prominence. Visible from both Michigan Avenue and Navy Pier, the 48-story, 444-unit rental building will contain nearly 600,000 square feet of luxury residences with market-leading amenities.”
Alderman Reilly noted, “465 North Park is creating more than 450 construction jobs and will add 75 permanent leasing, management, operations and retail positions when it opens in the spring of 2018. Ownership and Jupiter worked collaboratively with the community and my office to design a project that will greatly enhance the neighborhood while minimizing the impact on existing Streeterville buildings and residents. Importantly, Jupiter has also agreed to contribute to the redevelopment of Ogden Plaza Park, a 70,000-square-foot, 25-year-old public park, to the west of the development.”
Matthew Sharples, Managing Director and Head of the Chicago Regional Office for MetLife Real Estate, said, “MetLife is excited to make this investment possible. Having owned the 465 North Park site for many years, we are thrilled to be starting construction on this best-in-class residential community. We are excited to have Allstate as our partner, and to be working with a talented development team including Jupiter Realty Company, Pappageorge Haymes Partners and Power Construction.”
“As long-time real estate investors, we at Allstate are seeking high-quality income-producing properties like 465 North Park to achieve attractive returns and further diversify our investment portfolio,” said Michael Moran, Managing Director, Real Estate for Allstate. “As a bonus, our investment in this property and the surrounding neighborhood also benefits our hometown of Chicago.”
The 444 upscale units will include studios, convertibles, one-, two- and three-bedroom units, plus nine two-story townhomes on the fourth and fifth floors. All kitchens will feature high-end appliances and cabinetry, and all units will feature walk-in closets and full-size washers and dryers. The top two penthouse floors will feature top-of-the-line kitchens. The lower level will boast a large bike room including a repair station, a pet spa, resident storage, dry-cleaning service and 24-hour-access package pick-up. A 181-space resident-only parking garage will be located in the lowest levels of the building, accessible from a private internal drive. It is anticipated that the property will be Leadership in Energy and Environmental Design (LEED) Silver certified.
Additional project amenities will include 12,000 square feet on the sixth floor dedicated to fitness (including aerobic, weight, yoga, spinning and fitness-on-demand rooms), spa/pool, conference, business, game and party areas, demonstration kitchen and lounge, and conversation/gathering spaces. Outside on the sixth floor, a 22,000-square-foot exterior deck will include a dog run, an outdoor pool with sunning and seating areas, cabanas, multiple green-spaces, fire pits, private kitchenettes, and TV-viewing areas. Another amenity level on the 38th floor will feature a kitchen, private dining and lounge areas, along with an outdoor skydeck with multiple lounge seating areas, fire pits and breathtaking views of Lake Michigan and the city. The building will also provide 12,000 square feet of prime retail space on the first floor.
The redevelopment of Ogden Plaza Park is expected to be complete by 2018. The scope of the redevelopment will include new trees, plantings, seating and lighting, as well as a dog-friendly area and modifications for better overall park access.