Greystar has topped off its first Chicago high-rise development, located at 166 N. Aberdeen St., with the help of Lendlease overseeing construction. According to Yardi Matrix data, a construction loan of $59.7 million was issued for the project in August 2021, by Associated Bank.
One Six Six topped off at 21 stories and will house 223 studio, one-, two- and three-bedroom apartments. Unit sizes range from 415 to 1,903 square feet. SCB, the architect, design and planning firm in charge of One Six Six, has designed the apartments to be work-from-home and pet friendly with convertible wingwalls and custom cabinetry.
Building amenities include a Sky Garden located on the 14th floor, along with a separate 5,650-square-foot deck on the third floor. One Six Six will also have a pool, spa club, fitness and coworking areas, a dog play area and more.
Located in the Fulton Market, the development is situated in a mix of office spaces, restaurants and hotels. Formerly known as Chicago’s meat-packing district, Fulton Market has shifted from a primarily warehouse space to a high demand neighborhood. SCB took the history of the area into consideration when designing the multifamily building, incorporating a masonry base into the metal tower.
The Need For Affordable Housing
Chicago average rent prices reached an all-time high, vastly increasing the need for affordable housing options. According to Yardi Matrix, One Six Six is set to have 24 affordable apartments. Greystar is also planning on attaining a Green Globe certification for the sustainability techniques of the high-rise.
After breaking ground in October 2021, construction is scheduled for completion in early 2023.