JV Breaks Ground on Catalyst Apartment Tower

JV Breaks Ground on Catalyst Apartment Tower

CHICAGO—A joint venture of the Marquette Cos., Kayne Anderson Real Estate Advisors and Hunt Cos. has broken ground on the Catalyst property, a 22-story apartment building going up at 630 W. Washington here in the West Loop.

Catalyst will include 223 apartment homes with studio, one-bedroom, two-bedroom and three-bedroom plans available. Homes will measure on average 910 sq. ft. and will include features such as hardwood flooring, granite kitchen countertops, stainless steel appliances, 9-foot ceilings, floor-to-ceiling windows and a private balcony or terrace.

The building will also feature special amenities on two floors: the fourth floor, which will include a Wi-Fi lounge, outdoor dog run with a pet wash, and a landscaped terrace; and the 19th floor, which will include a club room, meeting room, fitness center, outdoor patio with views of the city and an outdoor swimming pool with an infinity edge.

 “This has been a much anticipated development for downtown Chicago and we’re very excited that construction is now underway,” said Darren Sloniger, managing director of acquisitions for Marquette. J. P. Morgan Chase & Co. has reportedly provided the JV with $46 million in financing for the development of the 19-story building.

Lend Lease is serving as general contractor. Leasing is expected to begin in early 2014 with units delivering in summer 2014. Rents will average $270 per square foot. 

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