Chicago-based Ascend Real Estate Group and Boston-based Intercontinental Real Estate Corp., in conjunction with the Intercontinental US REIF fund, today announced the groundbreaking of Niche 905, an 18-story, 202-unit luxury apartment tower at 905 N. Orleans St., in Chicago’s Near North Side neighborhood.
Designed by Chicago-based FitzGerald Associates Architects with anticipated LEED® certification, Niche 905 will include a mix of convertible, one-, two- and three-bedroom residences, many with views of Lake Michigan and the downtown skyline. The development will also include 1,750 square feet of ground-level retail, parking for more than 150 vehicles and storage for 110 bikes.
“We named this tower ‘Niche 905’ because it is in a central location between the neighborhoods of Old Town, the Gold Coast, River North and the Loop, providing residents with a convenient live, work and play lifestyle,” said Walter Rebenson, CEO of Ascend. “Over the next several years, this area of the Near North Side will be the epicenter of new housing and retail development, and we wanted to be at the forefront of that movement.”
Adding to the appeal of the site is its accessibility, noted Rebenson. Niche 905 will be located a half-mile north of the Ohio Street feeder ramp and steps from the Chicago Transit Authority’s Brown/Purple and Red lines, as well as several major bus routes.
“We view proximity to public transportation as a huge differentiator between this community and other developments farther North and West, some of which can be a 15-minute walk to and from the nearest commuter station,” said Peter Palandjian, CEO of Intercontinental Real Estate Corp. “Niche 905 will offer a walkable lifestyle for professionals who want to live and work near the city center, where they can easily access jobs in and around the business districts of River North, home to the iconic Merchandise Mart, and certainly the West Loop with its tremendous ongoing commercial expansion. The community is also close to Goose Island, which is undergoing a radical transformation that already has brought quality jobs to the area.
“After work or on the weekends, residents are blocks from some of the city’s top shopping, dining and entertainment destinations, including the Magnificent Mile and Clybourn Corridor,” added Palandjian.
Residents of Niche 905 will also be able to enjoy a full suite of amenities, located on the ground and penthouse levels of the tower, as well as 24-hour concierge service. The penthouse floor will offer panoramic views and include a rooftop pool, spa and sundeck; outdoor bar, grilling stations and fire pit; community garden; state-of-the-art fitness center with yoga studio; and a private party room with kitchen, bar and big-screen HDTVs. The building will also include a spacious lobby with workstations and sitting areas; a fully equipped business center; conference room; coffee bar; dog run and pet wash station; and bike storage and workshop.
Individual units will showcase high-end finishes, including quartz countertops, glass tile backsplashes, under-cabinet lighting and plank flooring throughout all bedrooms and living areas. Residences will also feature 9-foot ceilings, private balconies and in-unit laundry, and be outfitted with USB ports and fiber optic internet service capable of reaching speeds of 1 gigabyte per second – more than 100 times faster than the industry standard.
“As we worked with our award-winning design team on Niche 905, we surveyed the residents of our most recent apartment development, The Madison at Racine in the West Loop, to determine which amenities and finishes we should incorporate into our new tower,” said Rebenson. “This feedback informed the design process, allowing us to identify elements that have proven especially popular with our existing residents while adding features and amenities that set a new standard for luxury apartment homes.”
About Ascend Real Estate Group
Formed in 2009, Chicago-based Ascend Real Estate Group is a boutique real estate investment and development firm focused on Chicago-area projects. Four key principals lead the firm, each averaging more than 34 years of experience in real estate development, construction, property management, marketing/leasing and sales. The principals have led Chicago-area investments and developments with a combined $2.5 billion in real estate projects-spanning more than 20 properties including condominium, townhouse, rental apartment and mixed-use properties. Ascend also provides services to lenders, institutional and private investors including consulting, market research, underwriting/feasibility, property management, development management, construction management, and brokerage services. Over the past six years, Ascend has managed more than 160 properties with over $200 million of value generated for clients. For more information, please visit www.ascendrealestategroup.com.
About Intercontinental Real Estate Corp.
Intercontinental Real Estate Corporation (IREC) is an outgrowth of a construction and development firm established in 1959 by Petros A. Palandjian. During the 1970s and 1980s, IREC evolved from a successful large scale construction company into a highly focused real estate development firm with the competitive advantage of in-house construction capabilities. On its foundation of construction and development expertise, IREC undertook projects for its own portfolio and for third-party investors and applied these skills to a diverse range of property types including: office, residential, hotel and resort, industrial, leisure/entertainment, retail and mixed-use properties.
In the mid 1990s, IREC began to focus on private equity real estate investment management and advisory services to taxable and tax-exempt entities through commingled real estate investment funds. With a 50+ year history, IREC has successfully transitioned into a vertically integrated firm encompassing all aspects of real estate, including acquisitions, asset management, portfolio management, finance, development, construction management and property management. Peter Palandjian, chairman and CEO, and his family own 100% of Intercontinental Real Estate Corporation (IREC) and its affiliated companies. Today Intercontinental is an SEC registered Investment Manager with $2.5 billion of assets under management, and invests through its fund platform on behalf of nearly 250 institutional investors. For more information, please visit www.intercontinental.net.
