Real estate company Greystar has broken ground on its first high-rise development project in downtown Chicago, US.

Located at 166 N. Aberdeen St, the new building will comprise 223 apartments in studio, convertible, 1 bed-room (BR), 2BR and 3BR floorplans.

Greystar Development Services managing director Yale Dieckmann said: “Fulton Market is the most dynamic neighborhood in the city, and we look forward to complementing the area’s substantial office development with high-quality housing.

“The location is ideal for people who want a walkable neighborhood with access to the best live/work/play amenities in the city.”

Greystar said it is working with architect, planning and design firm SCB for the new building, which will feature metal articulated tower and ground-floor retail adjacent to the tower entry.

Additional features of the building include third-floor amenity level with a 5,650ft2 outdoor deck. It will comprise a pool, lawn and lounge areas with direct access to the fitness and co-working areas.

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The building’s 14th floor will comprise a signature outdoor lounge that faces downtown Chicago. It offers views of the famous Chicago skyline.

Greystar plans to deliver first units in January 2023 with construction slated for completion in March 2023.

Earlier this year, construction work staked at a multifamily development in Scott’s Addition neighbourhood in Richmond, Virginia on a 2.28-acre parcel of land brought by Greystar and Capital Square, a sponsor of tax-advantaged real estate investments.

Located at the corner of Roseneath and Moore Street, the 1601 Roseneath scheme will have 350 apartment units and over 16,000ft² of retail space.

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Greystar plans to deliver first units in January 2023. Credit: Free-Photos/Pixabay.