Essex on the Park Apartments, Chicago, IL
Development of Luxury Multi-Family Tower
As part of the November 2014 acquisition of neighboring Essex Inn, Quadrum, together with its local development partner obtained approximately 400,000sf of development rights over what was at the time a 4-storey parking structure for the hotel. The Joint Venture redeveloped this parking structure into Essex On The Park, a 479-unit, 56-storey luxury multifamily tower overlooking Grant Park and Lake Michigan. Due to its location within the burgeoning South Loop, its unobstructed views, and the unmet demand of high-end residential rentals available in the immediate submarket, Essex On The Park leased-up to near stabilization within its first 18-months. Quadrum sold Essex On The Park in October 2020 and continues to own Hotel Essex next door now rebranded Le Méridien Essex Chicago.