Event: The official grand opening party for OneEleven (aka 111 W. Wacker) hosted by Related Midwest and Michigan Avenue Magazine.
In the house: The usual suspects - brokers/agents, Related staff, OneEleven's construction team, OneEleven staff, a handful of tenants, Michigan Avenue Magazine people and the building's architect Gary Handel and interior designer Kara Mann (both of whom are super rad btw).
Dress code: Formal attire - slick, fitted suits and dresses.
Menu: Chips and guac, various small plates, tequila drinks and Corona.
Observed: Discussions about the interior decor, the amount of time the project took from start to finish (8 years), and much chatter about the Loop's fast pace residential growth.
Though pre-leasing began in April, and tenants started moving into the building last month, the actual grand opening for OneEleven was this week. When we visited OneEleven last month for our tour, the building's interior was virtually completed, but there was still some work to be done on the exterior. As Related Midwest President Curt Bailey pointed out, this week was the first time in eight years that the sidewalk outside of the building had been cleared of scaffolding. As some may recall, the development was originally conceived to be a Shangri-La Hotel and luxury condo tower, but the project stalled out in 2008. In 2011, Related Midwest took over the development and moved forward with a new plan to turn it into an apartment tower.
Today, the 60 story tower contains 504 apartments, 470 total parking spaces, about 30,000 square feet of amenity space and 32,000 feet of retail space. Architect Gary Handel of Handel Architects was tasked with the unique challenge of coming up with a new design that would incorporate the nearly-half-completed shell of the stalled hotel. Handel incorporated a continuous zig-zag throughout the OneEleven's exterior design to not only break up the building, but to also match up with its neighbor's roof lines.
At the event, Related announced that the building is now more than half way leased. Rents at the new Loop tower start at $2,195. As the Loop continues to become a destination for renters, demand for new apartments will continue to be strong.
·Come Along for a Complete Tour of the New OneEleven Tower [Curbed Chicago]
·Previous OneEleven coverage [Curbed Chicago]