August 31, 2010 – It looks as though some Chicago real estate developers still have more confidence in the rental market than in selling market rate Chicago condos. According to a recent Crain’s article, RMK Management Corporation is planning to construct a new 44 story rental tower on 73 East Lake Street. The high-rise will have 321 units and cost around $120 to build. Locking in a construction loan is probably the biggest challenge for the developers, but if they can they expect to start work on the tower next year and finish in 2013.

Tony Rossi, who is president of RMK, is motivated by the success of the River North rental tower his company recently completed. The 21 story Parc Huron with its 221 apartments on 469 West Huron Street started welcoming renters in June and is about 60% leased at this point. According to the article, monthly rental rates at the Parc Huron are up around 5% more than the developers had estimated.

“The leasing pace has been really good,” Mr. Rossi was quoted as saying about the Parc Huron. “I don’t want to uncross my fingers, but we’re pretty happy right now.”

The Parc Huron is the first downtown Chicago rental tower to score a Gold LEED certification. Finishes on the one to three bedroom apartments include hardwood floors, floor-to-ceiling windows, 9.5 foot ceilings, stainless steel appliances, granite kitchen counter tops and bath vanity tops, wood cabinets and private balconies.

Leasing rates as advertised by RMK are listed below. You can also print off a coupon from the development site and get $100 off your first month’s rent.

1BR/1Bath/614 Sq Ft/ $1,840 – $2,295
1BR/1Bath/729 Sq Ft/ $2,130 – $2,585
1BR/1Bath/770 Sq Ft/ $2,235 – $2,690
1BR/1Bath/790 sq ft/ $2,238 – $2,715
1BR/1Bath/825 sq ft/ $2,265 – $2,720
1BR/1Bath/868 sq ft/ $2,370 – $2,825
1BR/1Bath/877 sq ft/ $2,370 – $2,850
2BR/2Bath/1,120 sq ft/ $3,055 – $3,510
2BR/2Bath/1,100 sq ft/ $2,980 – $3,435
2BR/2Bath/1,274 sq ft/ $3,115 – $3,570
2BR/2Bath/1,318 sq ft/ $3,400 – $3,855
3BR/2Bath/1,443 sq ft/ $3,605 – $4,055

If you’re looking to rent instead of buy, there are lots of Chicago Apartments available right now.

[tags]Parc Huron, Chicago Apartments, Chicago Real Estate[/tags]

This entry was posted on Tuesday, August 31st, 2010 at 12:05 pm and is filed under Uncategorized.