CHICAGO - (February 25, 2019)
275-unit building will be largest residential community built in area since 2010
Draper and Kramer, Incorporated, today announced it has started construction on 2111 S. Wabash Ave., a 24-story, 275-unit building in the McCormick Square area of Chicago’s South Loop. Located less than one block from the CTA’s Cermak/McCormick Place Green Line station, the transit-oriented development will offer residents a convenient location just a five-minute train ride from Chicago’s Loop.
“With 2111 S. Wabash, we are helping advance the city’s vision for McCormick Square as a dynamic mixed-use area boasting a blend of entertainment, retail and residential offerings in proximity to the central business district,” said Ed Polich, executive vice president of real estate with Draper and Kramer, the project’s developer. “These apartments meet the growing demand for new rental housing in this burgeoning part of the South Loop as the evolution of the McCormick Square and Motor Row entertainment district continues.”
Designed by Solomon Cordwell Buenz, 2111 S. Wabash will have a modern, asymmetric base, topped with a glass tower with a “sawtooth” façade that provides functional living areas in the form of bays within individual residences.
“We wanted the design of this tower to reflect the dynamism of the neighborhood,” said John Lahey, principal of Solomon Cordwell Buenz. “By selectively extruding the façade, we were able to not only capture great views to downtown from the units, but also create a prismatic effect in which the light will constantly change the appearance of the building depending on the time of day.”
Apartments will range from 529 to 1,411 square feet and include a mix of one-, two- and three-bedroom plans, all of which will feature open layouts and floor-to-ceiling windows that afford virtually unobstructed views in all directions. High-end unit finishes will include plank flooring and modern kitchens with European-style cabinets, quartz countertops and stainless steel appliances.
A 25,000-square-foot amenity level on the fourth floor will feature a club lounge with bar, co-working space, music practice and performance rooms, game room, fitness and yoga studios, and a lushly landscaped outdoor terrace featuring dining and grilling stations, fire pits, cabanas and a pool.
“2111 S. Wabash will offer a finish level and amenities similar to other downtown luxury rentals, but at a more attainable price point than is typically found in neighborhoods with comparable proximity to the Loop,” Polich said. “In an area that is hungry for new apartment options, we expect this building will appeal to a wide range of renters.”
Monthly rents at 2111 S. Wabash are expected to start at $1,800.
The general contractor for the project is a joint venture between Chicago-based Power Construction Company LLC and Ujamaa Construction.
When complete in summer 2020, 2111 S. Wabash will join over a dozen new bars and restaurants that have opened in McCormick Square in recent years, along with DePaul University’s 10,387-seat Wintrust Arena; a 1,205-room Marriott Marquis; and a 466-room tri-branded hotel featuring Hilton Garden Inn, Hampton Inn and Home2 Suites by Hilton.
2111 S. Wabash also complements ongoing development in nearby Motor Row, a National Historic Landmark that was originally named for the car dealer showrooms lining Wabash, Michigan and Indiana avenues from 1905 to 1936. The area later became home to a number of music clubs and recording studios from the 1950s to the mid-1970s. Today, Motor Row is experiencing a resurgence with the opening of new bars, breweries, restaurants and event spaces, as well as proposed developments seeking to add co-working space and other retail and commercial uses.
As part of the development, Draper and Kramer is donating nearly $750,000 to two historic neighborhood churches to help support major restoration projects. Founded in 1842, Second Presbyterian Church boasts a stunning gothic revival exterior. Founded just two years later in 1844, Quinn Chapel AME Church is home to the city’s oldest African American congregation.
In addition to offering proximity to the Green Line, 2111 S. Wabash is also close to the Stevenson and Dan Ryan expressways, Lake Shore Drive and other major thoroughfares. Chinatown, Pilsen and Bronzeville are easily accessible from the property, as are popular cultural, recreational and entertainment destinations including Soldier Field, the Museum Campus, Lakefront Trail and Northerly Island.
For information or to be added to the VIP list for 2111 S. Wabash, email [email protected].
About Draper and Kramer, Incorporated
Founded in 1893, Draper and Kramer, Incorporated, is a trusted financial and property services provider with a deep commitment to people, excellence, service and integrity spanning more than 125 years. Family-owned and one of the leading privately held real estate services firms in the U.S., Draper and Kramer is headquartered in Chicago with a national reach and broad offering of services. The company’s decades-long heritage has evolved over the years to meet the needs of its clients and today spans expertise in residential and commercial development, acquisition, property management and leasing; debt and equity financing for commercial properties; and residential mortgage services through affiliate Draper and Kramer Mortgage Corp. Draper and Kramer provides a single source of real estate-related counsel to a diverse group of real estate investors across the U.S. including corporations; private and institutional owners and users of real estate; government agencies; condominium associations; and foundations. For more information, visit www.draperandkramer.com.
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Editors:
For more information, contact Patty Cronin, [email protected], (312) 267-4513.
Photo:
Draper and Kramer, Incorporated, has started construction on 2111 S. Wabash, a 24-story rental building in Chicago’s Motor Row/McCormick Square area of the South Loop.
See Also:
Building Design & Construction, ChicagoArchitecture, Chicago Construction News, Connect Chicago, Crain’s Chicago Business, Curbed, Multi-Housing News, REBusiness Online, REjournals, The Real Deal
