New Direction
When developer Anthony Rossi Sr., president
of M&R Development in Chicago, learned five years ago that a site with a
garage and abandoned restaurant was available in the South Loop, he knew the
downside—the area was considered unsafe. “It had seen better days,” he says.
But he also knew the area was starting to transition, with proximity to busy
Michigan Avenue and burgeoning development. “For years, development occurred
from the Chicago River going north, but with the advent of Millennium Park
south of the river [in 2004], I recognized that residential development would
also head in that direction,” Rossi says.
Best Fit
Because they knew one another, Rossi and the
site’s owner finalized a sale without a request for proposal. Rossi’s vision
was to pursue his company’s traditional program of rentals, which in a
post-recession market also reflected the greatest demand. “The condo market
collapsed after 2008, and there was still a lot of excess inventory. We also
knew that the high-end rental market was getting stronger, attracting young
professionals who could afford to buy but preferred to remain flexible and
rent,” he says. All came together at the East Lake Street site, where his
42-story building, 73 East Lake, opened last April.
Challenging Footprint
The narrow but long site—100 feet wide by 170
feet long—proved challenging for architect Vladimir Andrejevic, an associate
principal at Solomon Cordwell Buenz in Chicago. Andrejevic’s solution was
innovatively planned studio, one-, and two-bedroom units with as much glass as
possible for light, views, a feeling of spaciousness, and a contemporary vibe.
Yet, because he wanted the building to fit into its neighborhood, which
includes landmarks such as the Chicago Theater, Andrejevic used exposed
concrete on columns and metal accents. Glass along the façade permits passersby
to peer into the high-ceilinged lobby, where designer Jennifer Banks of locally
based Bella Maison used strong colors and novel horn tile. Banks repeated that
boldness in the apartments, whose kitchens have sleek metal and slate
backsplashes, gray-washed floors, and hip quartz counters.
Hotel-Style Amenities
Rossi understands young professionals’
appetite for the latest amenities, so he piled them on at 73 East Lake: Wi-Fi
throughout, indoor garage with pet spa and dog walk area, deck, indoor pool,
spa with waterfall, sauna and steam rooms, two-story gym, business center with
conference rooms, cyber café, demonstration kitchen, theater, and a penthouse
level with a huge event room, dining room, and wraparound terrace. “Everything
is open 24/7, so if you want to swim at 3 a.m., I say, ‘Go knock yourself
out,’” Rossi says. Units range from 680 to 1,220 square feet; rents, from
$2,280 to $4,395. As of late December, the building was almost 80 percent
leased.
Green Resale
Despite 73 East Lake’s rental status, M&R
pursued LEED Gold certification for the building. “We want to be environmentally
sensitive, even though it’s harder when you use an extreme amount of glass. But
it doesn’t cost as much as some think, and you get it back upon selling,” Rossi
says. Among the green features: a partial green roof, bicycle storage with
maintenance shop, 25 bikes to borrow, EnergyStar appliances, and proximity to
public transportation. The big question remains: Will Millennials become
entrenched in rental digs or switch their mind-set to homeownership, maybe in
the ‘burbs? Michael Edwards, president and CEO of the Chicago Loop Alliance,
which promotes the area, doesn’t seem concerned. “For now,” he says, “people
like the denser core and walkability.” And the building is swank enough that it
could be converted to a condo.
