RELATED MIDWEST BREAKS GROUND ON INNOVATIVE LUXURY RENTAL TOWER
09 November 2011Related Midwest, in partnership with the AFL-CIO Building Investment Trust, today joined local elected officials and labor leaders to break ground on a one-of-a-kind, 45-story, 500-unit luxury rental apartment tower located at 500 Lake Shore Drive. The groundbreaking ceremony officially...
Related Midwest, in partnership with the AFL-CIO Building Investment Trust, today joined local elected officials and labor leaders to break ground on a one-of-a-kind, 45-story, 500-unit luxury rental apartment tower located at 500 Lake Shore Drive. The groundbreaking ceremony officially commemorated the start of construction of the development, which will be ready for residents in May 2013. 500 Lake Shore Drive represents an investment of more than $160 million in the City of Chicago and is expected to create more than 750 union construction jobs.
"The size, scale and overall design of 500 Lake Shore Drive will provide for a very well-conceived addition to the lakefront," said Andrew J. Mooney, commissioner of the Chicago Department of Housing and Economic Development. "The groundbreaking is also an encouraging sign of renewed life in Chicago's real estate market."
Upon completion, 500 Lake Shore Drive will be an impressive addition to the Chicago skyline in a premier location. Designed by architects from Solomon Cordwell Buenz (SCB), it will include 500 residential rental apartments, a parking garage and retail space. The development will incorporate sustainable features to increase energy efficiency and improve indoor air quality. Additionally, the building will feature a signature, vertical green wall on the east façade immediately adjacent to Lake Shore Drive that incorporates a variety of creative greenery. 500 Lake Shore Drive is anticipated to receive LEED Silver certification.
“Related Midwest is thrilled to build on its track record of delivering best-in-class residential developments to the Chicago market with 500 Lake Shore Drive. Our vision is to offer Chicagoans a beautiful urban respite with inspired architecture and unrivaled amenities,” said Curt Bailey, president of Related Midwest. “We look forward to continued collaboration with the city, local leaders, community members and Streeterville residents to add to the vitality of one of Chicago’s great neighborhoods.”
The property will be constructed on an approximately one acre, full-block parcel bounded by Lake Shore Drive, Grand Avenue, Illinois Street and Peshtigo Court. The property received approval from the Chicago Plan Commission on June 16.
“We welcome this state-of-the-art project and the many jobs it will provide local workers,” said Tom Villanova, president of the Chicago & Cook County Building & Construction Trades Council. “At a time when economic challenges persist, this project offers many hard-working men and women a chance to get back to work.”
Residences will feature expansive, signature views of Lake Michigan, Lake Shore Drive, Chicago’s iconic skyline and local public parks, inspired contemporary architecture and design and unrivaled amenities. The 30,000 square foot amenity package includes club rooms for entertaining and relaxing on the 11th and 45th floors and fully-outfitted catering kitchen to service the club rooms, outdoor spaces and residences. The building will also feature spectacular and unique outdoor spaces including a beautifully landscaped exterior roof terrace with a lap-length pool, sundeck, private cabanas and dining spaces with kitchens and a fire pit.
“Streeterville is home to world-renown architecture, dining, shopping and museums, as well as active residents who want to live and play near the lakefront,” said Alderman Brendan Reilly (42nd Ward). “The development team worked together with the community to address concerns and incorporate sustainable elements like the all-season green wall – the first building in Chicago to feature year-round exterior greenery.”
500 Lake Shore Drive will continue Related Midwest’s rich tradition of market-defining developments and will become the next great addition to the Related rental portfolio representing the finest luxury residential properties in the country.
In addition to SCB, the joint venture has engaged Lend Lease as the general contractor. Lend Lease and SCB have a long history of designing and constructing successful, multifamily residences, including Related Midwest’s 340 on the Park, the first LEED certified residential tower in the Midwest. Related Midwest is also developing 111 Wacker Drive, a 500-unit luxury rental complex on the Chicago River.
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Joanna Rose 212.801.3902
WELLS FARGO AND RELATED COMPANIES REVITALIZE AND PRESERVE AFFORDABLE HOUSING IN CHICAGO’S SOUTHSIDE
09 November 2011Chicago, Ill., August 8, 2011 – Wells Fargo & Company (NYSE: WFC) and Related Companies today announced the acquisition of Parkway Gardens, a 694-unit affordable housing apartment property in the Southside of Chicago. The development will be preserved as affordable...
Chicago, Ill., August 8, 2011 – Wells Fargo & Company (NYSE: WFC) and Related Companies today announced the acquisition of Parkway Gardens, a 694-unit affordable housing apartment property in the Southside of Chicago. The development will be preserved as affordable housing for an additional 30 years. Related Companies has also committed to $40 million in physical, mechanical and structural upgrades.
Related Companies, which acquired the property through its affordable housing preservation division, Related Affordable, will own and manage the property and is committed to maintain it as affordable housing for 30 years. Well Fargo & Company has made a $36.5 million equity investment for the purchase and renovation. The Wells Fargo investment consisted of a $26.6 million direct Low Income Housing Tax Credit equity investment and a $9.9 million direct Federal Historic Credit investment. The transaction also received $59.5 million bonds from the Illinois Housing Development Authority under the New Issue Bond Program to facilitate the rehabilitation of the property and the preservation of affordable housing. Fannie Mae, via Oak Grove Capital, provided credit enhancements for the loan.
“We are excited to participate in the preservation of Parkway Gardens,” said Korbin Heiss, SVP of Wells Fargo Community Lending and Investment. “This large investment will preserve needed affordable housing in the Southside of Chicago in addition to creating construction jobs associated with the project’s comprehensive renovation.”
Parkway Gardens, located on the Southside of Chicago, consists of 35 buildings on a 13-acre parcel. It was built in the mid-1950’s as co-ops and converted to rentals in the mid-1970’s under the HUD Section 236 IRP program. In 1988 it was purchased from HUD by private investors. Related Companies will substantially renovate the buildings including the mechanical systems, site improvements and in-unit upgrades. Additional amenity spaces will also be created for the residents. Renovations are expected to amount to over $57,000 in upgrades per unit. Related Midwest, Related Companies’ Chicago office, will oversee the renovations.
“Related has a 40-year commitment to the creation and preservation of affordable housing and we are thrilled to have been able to partner with Wells Fargo, Fannie Mae, and Oak Grove Capital to acquire nearly 700 units of critical housing stock in Chicago at Parkway Gardens and preserve the affordability for decades to come,” said Mark Carbone, President of Related Affordable. “Affordable housing is critical to the growth and stability of our nation’s cities and necessary for the continued success of the American economy. Related will continue to look for ways to create and preserve affordable housing opportunities and ensure residents of all income levels have access to a quality place to live and raise their families.”
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RELATED COMPANIES ENTERS INTO JOINT VENTURE ON 111 W. WACKER DRIVE
09 November 2011RELATED COMPANIES ENTERS INTO JOINT VENTURE ON 111 WEST WACKER DRIVE Firm to Redevelop Property as Luxury Rental Building Related Companies today announced that it has entered into a joint venture agreement with Clark Wacker LLC on a development site...
RELATED COMPANIES ENTERS INTO JOINT VENTURE ON 111 WEST WACKER DRIVE
Firm to Redevelop Property as Luxury Rental Building
Related Companies today announced that it has entered into a joint venture agreement with Clark Wacker LLC on a development site at 111 West Wacker Drive in Chicago, Illinois. Related plans to redevelop the property as an approximately 500-unit luxury rental complex that will include on-site parking. Clark Wacker LLC will retain a participation in the deal structure. The joint venture formation is part of Related’s fund management platform which seeks to unlock value by utilizing the firm’s vast real estate expertise.
Curt Bailey, President of Related Midwest said, “111 West Wacker Drive is a tremendous development opportunity and a perfect fit for Related, drawing on our decades of experience building some of the nation’s finest rental and condominium complexes. Chicago’s rental market is strong and demonstrating healthy rent growth. 111 West Wacker Drive offers an ideal location for best-in-class rental product.”
Sean McMahon from Clark Wacker LLC said, “We are thrilled to partner with Related Companies and create a statement rental development. We have always believed in the great potential of this site and the formation of this joint venture with such a prestigious estate organization with a track-record of successful residential developments will only further ensure the project’s success.”
Justin Metz, Managing Principal of Related Companies said, “111 West Wacker Drive
is a perfect fit for our expertise in, and focus on, execution projects. We look forward to developing a marquee building for this important location, bringing new resources to the development and maximizing value for our partners and investors."
111 West Wacker Drive is located on the Chicago River at a signature crossroads that bridges the north end of the Loop business and financial district and is directly across from the vibrant river north cultural and lifestyle district. Construction is projected to begin in the first quarter of 2012.
About Related Companies:
Related Companies is the most prominent privately-owned real estate firm in the United States. Formed over 39 years ago, Related is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales.
Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, Las Vegas, San Francisco and South Florida and boasts a team of approximately 2,000 professionals. The Company’s existing portfolio of real estate assets, valued at over $15 billion, is made up of best-in-class mixed-use, residential, retail, office, trade show and affordable properties in premier high-barrier-to-entry markets. In 2006 Related acquired Equinox(R) Fitness Clubs, further expanding the company's capabilities into the health and fitness arena and enhancing the value of its properties by incorporating an exclusive, branded amenity into the lifestyle offering.
Related’s fund management platform currently manages capital on behalf of public pension plans, sovereign wealth funds, endowments, Taft Hartley plans and family offices across three areas: distressed real estate opportunities, origination and acquisition of construction loans, and multi-family housing opportunities. For more information about Related Companies please visit www.related.com.
