CHICAGO — A partnership between DeBartolo Development and Optima Inc. has started construction on the $114 million, 325-unit Optima Center Chicago, a 42-story, Class A apartment high-rise in the Streeterville submarket of Chicago.
The property is located at the northeast corner of Illinois and St. Clair streets, one block east of Michigan Avenue. “It’s an incredible piece of real estate,” says Edward Kobel, president and chief operating officer of DeBartolo Development. “Optima Center Chicago is going to be a world-class apartment building.”
The building was designed by David Hovey of Optima to achieve LEED certification. Kobel says Hovey is one of the most unique architects and designers in the world today.
Optima Center Chicago will feature one-, two- and three-bedroom apartments with floor-to-ceiling glass, hardwood floors, wood cabinets, stainless steel appliances and granite/cultured marble counters.
The building will also have 11,600 square feet of amenities, including a glass-enclosed fitness center with a weight facility, basketball court, cardio areas, a flex studio, indoor lap pool, hot tub and locker rooms with sauna and private massage rooms.
Additionally, there will be a resident’s club, business center, multipurpose room and conference room with a game room, lounge, flat screen television, two catering kitchens, private offices with workstations and high-speed Internet, and a full service on-site concierge service.
The rooftop will be equipped with two kiva fireplaces, seating areas, two hot tubs and two outdoor kitchens. There will also be 22,000 square feet of commercial retail and office space included in the property.
Bill Barry, senior vice president of Chicago-based Draper & Kramer, arranged debt financing for Optima Chicago Center through a PNC/HSBC Bank syndicated construction loan facility with preferred equity provided by LaSalle Investment Management.
Completion is slated for the spring of 2014.
— Savannah Duncan