Ascend Real Estate Group and Intercontinental Real Estate Corp. today announced the topping-off of Niche 905, an 18-story, 202-unit luxury rental tower under construction at 905 N. Orleans St. Ascend and Intercontinental Real Estate Corp. celebrated the milestone at a June 23 ceremony, where they were joined by representatives from FitzGerald Associates Architects, the project’s design architect; Power Construction, general contractor; and other members of the development and construction team.

“In addition to marking a major construction milestone, the topping-off of Niche 905 is also symbolic, representing the rise of a new retail and residential corridor along Orleans Street,” said Walter Rebenson, CEO of Ascend Real Estate Group. “We are pleased to show off the progress of the tower, which when finished will fill a ‘niche’ in the market by offering a fresh, truly luxury high-rise rental option in a highly accessible location that bridges the gap between Old Town, River North and the Gold Coast.”

Designed for LEED^® certification, Niche 905 broke ground in November 2015, with delivery scheduled for April 2017. Pre-leasing is slated to begin later this year. Upon completion, the tower will offer spacious studio, one-, two- and three-bedroom apartments – many with views of Lake Michigan and the downtown skyline.

Residences will showcase a range of high-end finishes including plank flooring throughout all bedrooms and living areas, as well as gourmet kitchens featuring Euro-style cabinetry with undermount lighting, quartz countertops and glass tile backsplashes. In addition, apartments will 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.

“Throughout downtown and especially in a tech hub like the Near North Side, we’re seeing unprecedented demand from young professionals who want to live close to the office, have the ability to work from home and be able to walk to restaurants and stores,” said Rebenson. “It’s not enough to have the latest amenities – because renters are spending more time in their units and, in many cases, leasing them for longer periods of time, they want the level of finishes to be on par with the rest of the building, and Niche 905 was designed to exceed those high expectations.

“Due to the demand from families, we’ve also added three-bedroom units that have become increasingly popular as more young couples forego homeownership in favor of renting,” added Rebenson. “They’re also ideal for empty nesters in search of maintenance-free urban living.”

In addition to luxury residences, the tower will offer 24-hour concierge service, as well as a full suite of amenities, located on the ground and penthouse levels of the tower. They include a rooftop pool, spa and sundeck; indoor and outdoor bar, grilling stations and fire pit; community garden; dog run and pet wash station; and bike workshop. Residents will also have access to a state-of-the-art fitness center with yoga studio; private party room with full-service kitchen, bar and big-screen HDTVs; spacious lobby with workstations and sitting areas; coffee bar; and fully equipped business center and conference room. In addition, the tower will include 1,750 square feet of ground-level retail, parking for more than 150 vehicles and storage for 110 bikes.

Located a half-mile north of the Ohio Street feeder ramp, Niche 905 will offer residents convenient access to the Kennedy Expressway, as well as several major bus and rail lines. The tower is four blocks from the Chicago Brown/Purple Line station and also within walking distance of the Chicago Red Line station at Chicago Avenue and State Street.

Situated in the rapidly emerging tech triangle formed by the West Loop, River North and Goose Island, Niche 905 is steps from several major employment centers, including the Merchandise Mart, which recently completed a $40 million renovation.

“The unparalleled accessibility of this location is what sets Niche 905 apart, allowing residents to bike, ride or drive directly to their destination without having to spend additional time getting to the nearest expressway or public transit station,” said Rebenson. “Of course, the tower will also facilitate a highly walkable lifestyle, with high-quality jobs, parks and some of the city’s top shopping, dining and nightlife destinations just steps away.”

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 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, mixed-use properties and single family custom homes. Ascend also provides services to lenders, institutional and private investors including consulting, market research, underwriting/feasibility, property management, development management, construction management, brokerage services and joint venture investments. Over the past seven years, Ascend has managed more than 160 properties with more than $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.