AvalonBay Communities buys site for new development in Chicago

Real Estate Weekly,  Oct 17, 2007  

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CHICAGO, IL: AvalonBay Communities, Inc. announced that it has acquired a 3.5 acre site for Avalon on South Clark, a new 1000-unit apartment community in Downtown Chicago in the South Loop neighborhood.

This major initiative caps a highly successful year in which AvalonBay was honored by the National Association of Home Builders (NAHB) with the 2007 Property Management Company of the Year Award.

The total investment of Avalon on South Clark, a multi-phase project estimated at approximately $280 million, represents a substantial increase in AvalonBay's investment in the Chicago metro area since 1998.

Construction is scheduled to begin in the Fall of 2008, and the first phase will take approximately two years to complete. AvalonBay currently owns and manages seven properties throughout the Chicago suburbs.

The property has an approved Planned Development Ordinance for three towers, 1000 units, and garage parking. Consistent with its nationally recognized quality standards, amenities will include luxury apartment designs and finishes, exercise facilities, outdoor pool and pool deck, picnic areas, an outdoor running track, a pet recreation park, and a large park fronting Clark Street.

"Chicago is an important market for AvalonBay and Avalon on South Clark will be an important addition to our Chicago portfolio," said Bryce Blair, chairman and CEO of AvalonBay.

"In the coming years, we expect to continue to increase our investment in the Chicago marketplace, both downtown as well as throughout the Chicago suburbs."

AvalonBay anticipates that its Chicago investment will add residents, greatly increase discretionary spending, and support existing merchants, and promote existing and new businesses in the South Loop area.

AvalonBay anticipates that at least 250 jobs will be generated during the construction phase. "The Avalon on South Clark development will play an important role in continuing the renaissance in this neighborhood, and we are working with the city and the alderman to ensure this new community will be a long-term asset to the city," said Walt Rebenson, AvalonBay's vice president for Development.

COPYRIGHT 2007 Hagedorn Publication
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