The Madison at Racine: New Luxury Rental Building Breaks Ground
NEAR WEST SIDE — A nine-story luxury rental property is coming to Madison Street and Racine Avenue, with developers predicting a fall 2014 move-in date.
The project will be LEED certified with 216 one- and two-bedroom units as well as 227 parking spaces and will also have 10,000 square feet of ground floor retail space on Madison.
Walter Rebenson, CEO of the Chicago-based development firm Ascend Real Estate Group, said while funding for the project is still incomplete, multiple lenders are already on board.
“We wouldn’t have broken ground unless we had several jump sheets already in hand. Normally you’d like to have the dotted line signed, but [we’re] very confident,” he said.
Rebenson, a native Chicagoan, said the area lacks luxury rental, so it is just the place for the new development.
“The West Loop has totally transformed over the last 20 years,” Rebenson said. “This is going to be a boutique, with all the amenities of a luxury high rise. And it’s a great walk to work location.”
Ald. Walter Burnett Jr. (27th), who for the past year worked to secure the rental building, said he had initially tried to get affordable housing into the 216 apartments.
But, ultimately, Burnett said the developers opted out of providing affordable housing and instead made a $2 million donation to the city.
The luxury amenities on the ninth-floor include a workout room in addition to a rooftop clubroom with lounge areas, televisions, billiards, bar and a service kitchen for parties. The clubroom also connects to a sun deck, pool, hot tub and outdoor fire pit.