Work is underway on a 479-unit luxury apartment building in Chicago’s burgeoning South Loop by real estate investment and development firm Oxford Capital Group LLC and partner Quadrum Global, according to the Chicago Tribune.
The $240 million Essex on the Park, designed by architect Hartshorne Plunkard Architecture, will rise 56 stories and is slated for completion in 2019.
The tower, which will house four penthouse duplexes on the top two residential floors, is also set to include a yet-to-be-determined number of affordable housing units and to contribute to Chicago’s affordable housing fund.
The groundbreaking follows Oxford Capital and Quadrum Global’s announcement earlier this month that the project had secured a $170 million construction loan. It is the latest in a line of new residential projects either planned or underway in the city amid still-tight lending conditions in the construction space.
In September, work started on the 98-story, $1 billion Vista Tower designed by Studio Gang, which will provide 406 luxury condominiums and will be the third-tallest tower in Chicago upon completion at 1,144 feet tall.
The Chicago Riverline project, a massive Lendlease-led joint venture that also started work September, will provide 3,600 units in the city's South Loop district and along the Chicago River.
Meanwhile, the second tower at the city’s $1 billion Wolf Point project is gearing up to break ground early this year and will include 707 residential units as well as street-level retail.
Commercial developments, too, are sprouting up in the city, with the Houston-based Howard Hughes Company and Chicago-based Riverside Investment and Development earlier this month proposing an 800-foot-tall office tower along the Chicago River that will include a public park and walkway.
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