West Loop, Chicago, IL – Jun 1, 2022 – DAC Developments is moving forward with a partnership to construct a 19-story, 288-unit residential building in the West Loop.
The New 1217 W. Washington Apartment Building
The DAC Developments venture with Melrose Ascension Capital (MAC) and Focus Development will be a 19-story mixed-use facility. The companies purchased the 20,500 square-foot vacant lot in Chicago’s emerging Fulton Market neighborhood within the West Loop submarket.
The plan is to develop the 1217 W. Washington Boulevard parcel into an apartment building with retail space on its lower levels.
The building’s construction will occur between two existing buildings at 1229 W. Washington Boulevard and 1201 W. Washington Boulevard. The project’s estimated budget is between $105,000,000 and $110,000,000.
The proposed building received its zoning approval in September 2021. The 19-story development will have 288 multifamily apartments. About 20% or 58 of the units will be affordable for renters earning a maximum of 60% of the community’s median income.
Amenities for the Project
The new Class-A, 280,000 square foot apartment building in the West Loop will include efficiently-designed units of various sizes. Rent for studio apartments will begin at $1,650, making the building one of the most affordable new housing options in a thriving Chicago submarket.
The residential apartment tower will be a symbolic bridge to other buildings in the area, offering renters a successful work-life balance in the nearby commercial district. The building will include a parking garage with 110 residential parking spaces for the apartment’s inhabitants. Other building amenities will include:
- Bicycle room
- Sky lounge
- Multiple fitness areas with showers and spa
- Courtyard swimming pool with loungers
- Private cabanas and barbecue stations
- Outdoor lounge
- Game room
- Dog run and pet spa
Proposed Building Design
Prominent architect firm Pappageorge and Haymes is partnering with DAC, MAC, and Focus Development for the building’s design.
The tower’s construction will occur over a four-story base within the existing vacant lot.
Merchants and other businesses will occupy the 4,500 square feet of retail space. The apartment tower will be in the center of the ground-floor retail space, set back from its facade facing Washington Boulevard.
Focus Construction, the development’s general contractor, will set the structure’s top floors back further to allow luxury amenities, such as outdoor decks and other roof-top uses that overlook the downtown Chicago skyline. Though the tower will have a modern aesthetic, the retail levels will be on par with the contemporary design of Washington Boulevard as a whole, which includes a blend of brick and metal materials.
DAC Developments’ Mission
DAC Developments’ purpose is to develop high-quality, luxury housing attainable for everyone. Its team has 125 collective years of real estate development experience.
DAC President Daniel Rezko oversees all of the company’s developments, including design, financing, and land acquisition. Antoine Rezko, the head of Property Management and Acquisitions, boasts over ten years of growth marketing and project management experience.
Project engineer Burt Rezko and Developer Adam Rezko also utilized their years of experience to contribute to DAC Developments’ $2 billion worth of real estate development.
Partnership With MAC and Focus Development
Focus Development and MAC are partnering with DAC Developments to facilitate a successful multi-use retail and residential tower. Both Chicago-based developers have diverse portfolios of stunning buildings throughout Illinois communities, including Chicago.
MAC focuses on urban development in communities other developers are likely to overlook. It has over $300 million in multifamily projects underway in Chicago and Florida, including 1217 W. Washington Boulevard.
As a developer and general contractor, Focus combines development and construction. The firm has almost 30 years of experience delivering high-quality buildings that blend seamlessly into their respective communities.
For More Details
For questions about the current DAC partnership at 1217 W. Washington or to interview a team member about upcoming developments, please contact DAC Developments via the company’s online form.
Media Contact
Company Name: DAC Developments
Contact Person: C. R.
Email: Send Email
Phone: 224-456-0217
City: West Loop, Chicago
State: IL
Country: United States
Website: https://dacdevelopments.com/
