CHICAGO—A joint venture of the Marquette Cos., Kayne Anderson Real Estate Advisors and Hunt Cos. has broken ground on the Catalyst property, a 22-story apartment building going up at 630 W. Washington here in the West Loop.
Catalyst will include 223 apartment homes with studio, one-bedroom, two-bedroom and three-bedroom plans available. Homes will measure on average 910 sq. ft. and will include features such as hardwood flooring, granite kitchen countertops, stainless steel appliances, 9-foot ceilings, floor-to-ceiling windows and a private balcony or terrace.
The building will also feature special amenities on two floors: the fourth floor, which will include a Wi-Fi lounge, outdoor dog run with a pet wash, and a landscaped terrace; and the 19thfloor, which will include a club room, meeting room, fitness center, outdoor patio with views of the city and an outdoor swimming pool with an infinity edge.
“This has been a much anticipated development for downtown Chicago and we’re very excited that construction is now underway,” said Darren Sloniger, managing director of acquisitions for Marquette. J. P. Morgan Chase & Co. has reportedly provided the JV with $46 million in financing for the development of the 19-story building.
Lend Lease is serving as general contractor. Leasing is expected to begin in early 2014 with units delivering in summer 2014. Rents will average $270 per square foot.