Status Update: AMLI River North
AMLI’s new residential tower is muscling its way into the Chicago skyline. Even though River North is a typically crowded portion of downtown Chicago, the placement of this building, with little skyscraper competition, is giving it a prominent presence in the area. And presumably, that translates into epic views of the city for its residents.
AMLI River North (71 East Hubbard Street) will eventually rise to 50-stories and be among the latest downtown Chicago buildings to include three-bedroom apartments. This is a growing segment of the downtown housing stock as more extended families from overseas move into the area. It is becoming more common for students and professionals from places like India and China who live downtown to also bring their parents and siblings with them to live in America, so three-bedroom apartments can command a premium price.
It is scheduled to open in July of this year. And even though it bears the name “AMLI River North,” this building is not in the River North Neighborhood. It is in the Near North neighborhood. River North starts across North Clark Street.
I was interested in learning more about the students and professionals arriving in the downtown area bringing extended family. I couldn’t find any articles about it. Is that a trend you’ve experienced as a realtor? Or is there any data pointing to this trend increasing over time?
First things first — Let me note that I am not a Realtor®, a real estate agent, or anything similar. I don’t want people to get that impression.
As for the extended family thing, I know it from three sources:
1. Working in the management office of a large multi-tower apartment complex recently for a year. (I no longer do.)
2. Private discussions I’ve had with number of developers over the last few years (since about 2009).
3. This was mentioned in a public forum by the heads of Magellan Development when they introduced The Coast. In fact, this was one of the things they were most proud of about The Coast — that it would be the first apartment building in downtown Chicago with purpose-built three-bedroom apartments. And they specifically stated it was because more and more urban professionals are living with extended family.
Where’s the hard data? I don’t know. But if it wasn’t out there somewhere in a commissioned study, or (quite likely) some Census table, then developers wouldn’t be spending money to cater to this demographic.
If this area isn’t considered River North, I don’t know what is. This is the heart of the River North nightlife that myself, friends, and family frequently visit.
As noted in the article, River North starts across the street. This building is in the Near North neighborhood.
See our previous article on neighborhoods for more information: http://blog.chicagoarchitecture.info/2009/02/17/how-to-settle-chicago-neighborhood-fights-2/
That’s pretty funny. If they called it “AMLI Near North” people would just be confused. I’m in leasing and after 3 1/2 years, not a single client has ever requested the “Near North neighborhood” as a part of their search. Technically it’s right, but no one except maybe cops and alderman use that term.