CONSTRUCTION STARTS ON VUE53 IN CHICAGO’S HYDE PARK
May 12, 2015
Chicago, Illinois – Construction has started on Vue53 – a mixed-use project that will serve the Hyde Park and Kenwood neighborhoods in Chicago. The development team, which includes Avison Young, Peak Campus Development and financial partner, Blue Vista Capital Management, was awarded the assignment by the University of Chicago to develop, finance and manage the project.
“Our team is very excited to be breaking ground on this outstanding project, and we’re very thankful for the community’s positive support and feedback,” comments Avison Young Principal James Hanson.
Vue53 is located near the intersection of 53rd Street and Kenwood Avenue, directly north of Nichols Park, and will comprise 28,000 square feet of ground-level retail, 267 apartment units and 225 parking spaces. The project will seek a LEED Silver designation from the U.S. Green Building Council.
The project is a collaborative effort by the University of Chicago, the City of Chicago and the Hyde Park community to create a vibrant mixed-use district on 53rd Street and to broaden the scope of products and services available to the Hyde Park and Kenwood communities. The project will offer affordable housing units in excess of the City’s requirements and is being developed without tax increment financing (TIF) or other public subsidies.
The residential component will offer studio, one- and two-bedroom apartments, high-end finishes and ample amenities, including a multi-purpose clubhouse with Wi-Fi, 24-hour fitness center, 24-hour business center and secure bike storage. The apartments will provide new housing options for Hyde Park and Kenwood residents as well as University of Chicago graduate students.
“Vue53 is an exceptional addition to the 53rd Street corridor and is a great example of a creative partnership between the University of Chicago and a private developer that will serve to benefit the Hyde Park, Kenwood and University communities,” adds James Hennessy, the University of Chicago’s Associate Vice-President for Commercial Real Estate.
Vue53 is slated for completion in September 2016.
Today’s announcement comes on the heels of Avison Young acquiring Chicago-based Mesa Development, LLC on April 23, 2015.
About Avison Young
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,700 real estate professionals in 66 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties. For more information, please visit www.avisonyoung.com
About Peak Campus
Peak Campus, operating through a group of affiliated companies, is an institutional-grade development and property management company based in Atlanta, Georgia, focused exclusively on the student housing industry. The companies' experienced professionals offer an unmatched ability to execute on strategies consistent with the goals and long-term investment strategies of their partners. The companies have developed more than 14,000 student housing beds and currently oversees 75 assets at over 40,000 beds, with a combined valuation of more than $2.1 billion for investors nationwide, making them the second largest private operator in the United States. For more information about Peak Campus and its affiliates' full array of real estate solutions, please visit www.PeakCampus.com.