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500 Lake Shore Drive Surpasses 95-Percent-Leased Milestone
Mar 19, 2014
(CHICAGO) March 19, 2014 – Developer Related Midwest has announced 500 Lake Shore Drive is quickly approaching full lease-up, with the 500-unit ultra-luxury rental building surpassing the 95-percent-leased mark in just over 10 months since its May 2013 grand opening.
The 47-story glass building, which affords pristine lakefront views from its Lake Shore Drive address in Streeterville, marked Related Midwest’s debut rental property in Chicago and set a new standard for the city’s luxury apartment market. This summer the developer is poised to once again raise the bar for rental living in Chicago when it opens its second downtown apartment tower at 111 West Wacker Drive.
“The response to 500 Lake Shore Drive has been phenomenal, which proves that Chicago was ready for a luxury apartment building of this caliber,” said Curt Bailey, president of Related Midwest, who noted that traffic continues to be strong in the building’s leasing center and that all but one of the building’s premier top-floor penthouses are rented. “Now that we’ve had the opportunity to introduce the city to Related’s signature approach to rental living, we’re looking ahead to unveiling our next luxury rental property at 111 West Wacker Drive, where we’re building on many of the same elements that have been key to our success with 500 Lake Shore Drive,” he added.
According to Bailey, much of the appeal of 500 Lake Shore Drive stems from its panoramic Chicago views of Lake Michigan and its location in Streeterville, one of the city’s most desirable neighborhoods. “A great view they can enjoy every single day and a vibrant neighborhood that’s a quick walk or cab ride to the parts of the city where they work and play – that’s what people think of when they imagine living in a sophisticated Chicago rental,” said Bailey. “That’s why so many renters choose 500 Lake Shore Drive, and we expect the same response to our building at 111 West Wacker, with its unparalleled views of the Chicago River, prime Loop address and easy access to River North.”
Downtown renters also appreciate the lifestyle at 500 Lake Shore Drive, wherein residents enjoy a full floor of amenity spaces including a residents-only fitness center by Equinox®; fully equipped game room; screening room with dual televisions and a wet bar; lounge, library and coffee bar; tech center equipped with iMacs; and reservable entertainment suite. A lushly landscaped rooftop terrace boasts views of Lake Michigan and the city, and features a pool, hot tub, private cabanas, fire pit and kitchens with grills.
Additionally, residents at 500 Lake Shore Drive have access to a multitude of service staff including a Related Service Specialist to arrange everything from entertainment and home management services to move-in-coordination, and a Related Technology Concierge to provide computer and technology services. The building, which is 100 percent smoke-free, also features Chicago’s first Dog City, an on-site full-service pet care center, as well as a resident-only bike share program and on-site Zip-Car.
“These amenities and services have resonated at Related properties across the country, and make our buildings feel special the minute you walk in the door,” said Bailey. “By bringing them to Chicago, we’ve set a new level of expectation for rental living in this city. Our residents can choose any apartment tower in Chicago, but they want to live in a Related building.”
Remaining apartments at 500 Lake Shore Drive include studios, convertibles and one-and two bedroom residences. Apartments feature gourmet kitchens with Snaidero cabinetry, quartz countertops with white marble mosaic backsplash, and professional built-in stainless steel appliances including stainless steel hoods; baths with polished natural stone, custom walnut vanities and custom lighting; custom-designed wide-plank flooring throughout; and closets with built-in organizers.
For more information, visit www.500LakeShore.com, call (312) 850-0500, or visit the building’s on-site leasing center
About Related Midwest
Related Midwest, the Chicago office of Related Companies, is the preeminent Chicago developer of luxury condominium and rental homes, affordable housing and unique mixed-use properties since 1988. Recognized for its innovative, market-defining developments, Related Midwest creates properties of enduring value such as 340 on the Park, the first LEED-Silver residential tower in the Midwest. Currently the most active player in Chicago development, Related Midwest has two ultra luxury rental developments totaling more than 1,000 residences in downtown Chicago: 500 North Lake Shore Drive (currently leasing) and 111 West Wacker Drive (opening Summer 2014). The firm is also marketing South Loop Luxury by Related, three marquee South Loop condominium properties. Among Related Midwest’s successes in the downtown Chicago area are The Residences on Lake Shore Park (comprising 840 Lake Shore Drive, The Pearson, and The Belvedere), the Park Hyatt Hotel and Park Tower Condominiums at 800 N. Michigan Avenue, and 340 on the Park at 340 E. Randolph Street.
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