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Madison at Racine Offers Building-Wide WiFi

Published May 25th, 2013

Chicago-based Ascend Real Estate Group, Chicago-based Team4 Development LLC and Boston-based Intercontinental Real Estate Corp. broke ground on The Madison at Racine, a nine-story luxury apartment midrise located at the northwest corner of Madison Street and Racine Avenue in the West Loop. The real estate firms formed a joint venture with the Intercontinental US REIF fund to develop the project.

The Madison at Racine, which was designed by FitzGerald Associates Architects, will be a LEED certified building. It will have 216 apartments, consisting of convertible, one- and two-bedroom residences, as well as 227 parking spaces. The building also will offer 10,000 square feet of ground-floor retail space fronting Madison Street. The first residential occupancies are scheduled for fall 2014.

“The Madison at Racine will be a long-term asset for the city of Chicago, providing residents with luxury finishes and services in a boutique, neighborhood building,” said Walter Rebenson, CEO of Ascend. “We are excited to be working with Intercontinental. Both firms feel this project is a strong investment due to its great West Loop location and the demand for luxury rental homes in this neighborhood. The market is over the critical point of residential expansion in the West Loop. A lot of traditional and converted loft condos have been built, but there are no other luxury rental buldings in this area of the West Loop.”

Peter Palandjian, chairman and CEO of Intercontinental Real Estate Corp., notes in this part of the market recovery, residential apartments have provided not only a “safe” risk adjusted return for investors, but also the reliable “income” that many pension funds depend upon.

“Existing apartments have become too pricey,” Palandjian said. “It’s hard today to make value buys. But building new apartments provides the opportunity to ‘manufacture’ higher returns relative to buying existing.”

The building will offer high-end amenities, including a ninth-floor rooftop glass-enclosed clubroom with lounge areas, televisions, billiards, bar and service kitchen for hosting parties. The clubroom connects to a landscaped resort-style sun deck, pool, hot tub, outdoor fire pit and seating areas. The ninth floor also will offer a workout facility.

On the second floor, a landscaped courtyard will feature grilling and entertaining areas, as well as a pet recreation area. The lobby will offer a cafe bar, and WiFi will be available throughout the entire building.