Back in early April, cladding made an appearance at 465 North Park in Streeterville. Now, as Jupiter Realty’s apartment tower continues to push upward, the glass is spreading throughout the podium. When completed, the 48-story tower designed by Pappageorge Haymes will have (sorry, I chickened out on the math) a whole bunch of windows adorning it’s 444 glassy rental units. Maybe I can’t count all those panels, but I assure you, the Windex people are licking their chops. But if statistics are your thing, there will also be 181 parking spaces and nearly 12,000 square feet of retail and commercial space within 465 North Park. Power Construction is on the build; their task is having the tower ready to open early in 2018.
465 North Park, the 48-story, 444-unit apartment tower from Jupiter Realty Company, continues to grow at East Illinois Street and North Park Drive in Streeterville. Power Construction has been working on the Pappageorge Haymes-designed tower since July of last year.
Work has climbed as high as seven stories now, but that’s not the best feature. That distinction belongs to a few windows lined up along the west facing. Unusual this early on in construction? Maybe. Am I complaining? Nope.
Directly across East Illinois Street from the AMC River East 21 multiplex, 465 North Park is going all Hollywood with its real-life set design. Cast and crew from Power Construction have been toiling away ever since the City of Chicago yelled “ACTION” by granting a full building permit back in September.
In the First Act, Case Foundation started drilling caissons in July, which will play the supporting role in keeping 465 North Park’s 48 stories above ground where they belong. Produced by developer Jupiter Realty Company, the 444 apartments designed by Pappageorge Haymes Partners will also include 181 parking spaces and 11,650 square feet of retail/commercial space.
Expect 465 North Park to open in limited theaters in 2018. Because it’s only in Chicago.
Another day, another tower crane goes up. This one is for 465 North Park. The 47-story apartment tower from Jupiter Realty and Pappageorge Haymes Partners got its tower crane permit on September 6, then planted the stub during groundbreaking ceremonies on Sept. 20. Tuesday, the street crane went to work, assembling the crane high above Streeterville.
Yesterday, I showed you the photos 465 North Park sent over of the groundbreaking ceremonies held Tuesday afternoon. That little seedling of a tower crane hiding in the background was enough to prompt me to get over there and capture the little guy myself. So I did. And here are a few shots to prove it.
On Tuesday of this week, Jupiter Realty Company held groundbreaking ceremonies for 465 North Park, the 48-story, 444-unit apartment tower by Pappageorge Haymes Partners. And hey, you remember that nest Power Construction was building for the future tower crane? Well, guess who photobombed the big ceremony? You got it! A shiny new stub of a tower crane can be seen hovering over everyone’s shoulders, looking for its moment in the spotlight. Which will come very, very soon, I’m sure.
You can read the 465 North Park press release that follows the photos below.
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.
Chicago-based Jupiter Realty Company is a privately held, vertically integrated development, investment and management firm since 1985 with its origins in real estate since 1960. Jupiter develops, acquires, finances, renovates, repositions, and sells hotels, mid-rise or high-rise, apartments, residential communities, office parks, office buildings, regional or neighborhood shopping centers, free-standing retail stores, industrial buildings, mixed-use properties and land in response to the ebb and flow of market cycles. Jupiter works closely with corporate clients, major tenants, institutions, pension funds, banks, REITs, lenders and other financial partners. Jupiter and its affiliates operate nationally with a special focus on the Midwest.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
The Allstate Corporation (NYSE: ALL) is the nation’s largest publicly held personal lines insurer, protecting approximately 16 million households from life’s uncertainties. Allstate’s real estate investments group has decades of experience and looks for core and value-add opportunities across geographies in the United States and internationally, and in a range of investment vehicles, such as funds, co-investments and joint ventures. Allstate’s real estate investments include retail, multi-family, office and industrial properties.
Contact: Beth at Treacy Marketing Group, 312-343-8900, email@example.com
465 North Park, the Pappageorge Haymes Partners-designed, Jupiter Realty Company-developed 48-story, 444-unit apartment tower in Streeterville, received a tower crane permit from the City of Chicago on Tuesday of last week. On Tuesday of this week, Power Construction crews could be seen setting the foundation that will hold the crane in place.