Some people just prefer renting. Others haven’t saved enough yet for the down payment on a condominium.
But in recent years potential urban renters have been squeezed as more rental buildings have been converted to condos.
One new option is Chestnut Tower, only the second apartment building to be built in Chicago’s River North neighborhood in the last eight years.
Still under construction, the 36-story tower is scheduled for completion early this fall, according to Maureen Vaughn, marketing director for CAMCO Inc., the leasing and property manager for the new building at 121 W. Chestnut St.
It offers 230 units, a mix of studio, one-, two- and three-bedroom apartments with from 540 to 1,920 square feet. Rents range from $995 to $4,000 a month.
Chestnut Tower is a joint venture of real estate developer Nicholas Jannes and the Berman Wettig Group. Designed by Perkins Pryde Kennedy Steevensz Architects Ltd., it is being constructed of cast-in-place concrete with brick exterior facade on the lower five floors.
Three furnished models on the 7th floor can be viewed. However, hard hats must be worn and the models are accessible only by taking a construction elevator up the side of the building–an exciting ride in itself, as the elevator cab seems to hang out over LaSalle Street.
Panoramic views from the apartments showcase the Loop to the south, Lake Michigan (from higher floors) and Michigan Avenue skycrapers to the east and the lake and Lincoln Park to the north.
“There’s a definite need and demand for rentals,” said Vaughn.
The apartments have ceilings almost 9 feet high, kitchens equipped with General Electric appliances, washers and dryers, wall-to-wall carpeting and high-speed Internet access.
Parking in the building is available for $195 a month.
The terrazzo lobby will have 15-foot floor-to-ceiling windows.
Other amenities will include a business center, a fitness facility and a rooftop sundeck and party room.
Residents also will have access to a valet dry cleaning service, bicycle storage and basement storage room.
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The temporary sales center is at 815 N. LaSalle St. in the Petersen Building, just south of the construction site.