Multifamily buildings that pair luxury rental apartments with condominiums in the same properties are delivering more bang for the buck to both condo owners and developers.
For condominium owners, these “hybrid buildings” offer a higher number and caliber of amenities than could be provided in condominium-only buildings. This hybrid development model has apartment and condo residents sharing a common entry, doorman/concierge and higher-end amenities. More amenities take on greater importance during COVID-19, enabling residents to safely and comfortably enjoy space outside their own residences.
For the developer-owner holding the property, the apartments produce monthly revenue and, upon sale of the property, additional income. Meantime, the condominiums enable the developers to more quickly recover a portion of their substantial upfront investment.
A trio of new upscale downtown Chicago developments are prime exemplars of this hybrid development model. They are Parkline Chicago near Millennium Park in the Loop, One Bennett Park in Streeterville and Cirrus (condo) and Cascade (rental), connected by means of a podium with shared amenity space, in the city’s Lakeshore East enclave.
Slated for completion next spring, the luxury tower Parkline Chicago features 24 condominium residences atop 190 apartments and 6,400 square feet of ground-floor retail. Benefits for condo owners start with 24-hour door staff and on-site maintenance, both extras unlikely to be offered in boutique condo buildings. Moceri + Roszak is developing the tower in partnership with Thomas Roszak Architecture.
The more compelling perk for home purchasers is an amenity suite more comprehensive than many condo buildings serve up, says Thomas Roszak, FAIA, partner of Moceri + Roszak and founder and principal of Thomas Roszak Architecture. “The hybrid apartment/ condominium model at Parkline means condo owners will have access to a full suite of amenities like a pool with sun deck and expansive fitness facilities that are more in line with those offered at ultra-luxury rental towers,” he says.
“In smaller stand-alone condo developments, this level of amenities simply isn’t feasible from a cost perspective. But by placing for-sale residences atop the apartments, it maximizes views for owners and allows them to enjoy a more robust amenity suite whose cost is subsidized by the rental units.”
One Bennett Park
Developed by Related Midwest and designed by Robert A.M. Stern Architects, One Bennett Park is a streamlined, limestone-sheathed tower that includes both condominium homes and apartment rentals. Floors 41 to 66 in the 70-story tower house condominium residences accessed by a private, owners-only porte-cochere and lobby. Residents of the 279 apartments on the building’s lower floors are served by a separate entry and lobby.
Both owners and renters are able to enjoy One Bennett Park’s shared amenities, which include a 10,000-square-foot recreational sun deck overlooking Bennett Park, featuring an outdoor pool, outdoor kitchens and cabanas and fire pit lounges; 7,000 square feet of fitness and wellness facilities highlighted by a 60-foot-long indoor pool; children’s play suite; interactive tween room; entertainment suite; and dog spa and dog grooming.
Cirrus and Cascade
Cirrus is a 350-unit condominium tower connected by a podium to Cascade, an adjacent 503-unit apartment building. The podium includes shared amenities and green space.
The shared suite of amenities features an indoor lap pool, heated therapy pool and splash pad, children’s playroom, fitness center with adjacent yoga/spin studio, HIIT training area and locker rooms, massage and steam rooms, game room with golf simulator and billiards, screening room, shop space, music room, multi-purpose community room, dog-washing station and indoor dog run.
Project partners Lendlease and Magellan Development Group are also creating a new public green space designed by Claude Cornier + Associates, featuring an acre of landscaping, pathways, outdoor living rooms, and public dog run.