Related Midwest secures $240 million construction loan for One Bennett Park in Chicago’s Streeterville neighborhood

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one bennet park
Rendering of One Bennet Park

Related Midwest says it has closed a $240 million construction loan and completed the tower crane installation at One Bennett Park, a 70-story residential tower at 451 E. Grand Ave. in Chicago’s Streeterville neighborhood.

Designed by Robert A.M. Stern Architects, the Art Deco-style building will offer 69 condominiums and 279 apartments adjacent to a new park by Michael Van Valkenburgh Associates Inc. When complete in 2019, it will be the tallest all-residential tower in Chicago, topping out at 836 feet.

“With One Bennett Park, we’re creating an entirely new class of vertical luxury living that evokes the sophistication of generations past – drawing inspiration from the Palmolive Building and other architectural landmarks of the prewar era – while delivering a level of service and craftsmanship that will make each residence an heirloom for generations to come,” Related Midwest president Curt Bailey said in a news release. “The unparalleled attention to detail, along with One Bennett Park’s coveted location and panoramic views of Lake Michigan and the downtown skyline, will appeal to discerning buyers and renters alike who are sure to appreciate the intricacies of the tower’s design, both inside and out.”

Condos on floors 41 through 66 will average 3,200 sq. ft. and offer two-, three- and four-bedroom layouts, including three full-floor penthouses with 13-foot ceilings, priced between $1.85 million and $15 million, with first deliveries scheduled for late 2018.

One Bennett Park will also include 279 luxury apartments – also delivering in 2018 – that will comprise a mix of one- to four-bedroom floor plans.

One Bennett Park marks the first collaboration between Related, Michael Van Valkenburgh Associates and Robert A.M. Stern Architects, whose previous projects include 15 Central Park West as well as interiors such as the Tiffany Jewel Salon in New York

 

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