Intercontinental Real Estate Corporation is joining Lendlease and the John Buck Company in their big West Loop apartment project at 845 West Madison Street, part of a surge in rental development in the city.
The Boston-based real estate investor is providing $61.9 million in joint venture equity for the 586-unit luxury apartment complex that will occupy the block bordered by Madison, Monroe, Peoria and Green streets, according to HFF, which helped arrange the partnership.
Chicago-based John Buck and Australian-based Lendlease in November started work on the project, which is expected to be completed in summer 2020. It will include two 17-story towers totaling approximately 720,000 square feet of residential space, 10,000 square feet of ground-floor retail and a 278-space parking garage.
The project is rising on the site of the old H2O Plus bath products factory, which the developers demolished last year. GREC Architects is designing the complex.
HFF’s Danny Kaufman, Christopher Knight and Mary Dooley arranged the equity investment.
The site is a block away from Fifield Companies’ and F&F Realty’s new 45-story rental tower at 727 West Madison Street, the tallest building west of the Kennedy Expressway.