DeBartolo Development, Optima partner on Chicago high-rise tower

Tampa-based DeBartolo Development LLC and Chicago-based Optima Inc. have announced a joint venture to begin construction on the Optima Center Chicago, a $114 million, 42-story mixed-use multifamily community in downtown Chicago. The LEED-certified green tower, designed by architect David Hovey of Optima, will include 325 apartment units, a 235-car parking garage and more than 22,000 square feet of commercial retail and office space.

Located at the northeast corner of Illinois and St. Clair streets, the development is just one block east of Michigan Avenue.

“We're big fans of Chicago, one of the great 24-hour cities in the United States, and believe it's arguably one of the strongest multifamily rental markets in the country,” Edward Kobel, president and chief operating officer of DeBartolo Development, says in a press release. “Strategically, the city has great stability, great demography and a robust economy making it a solid investment market for domestic and international investors.”

Upon completion, Optima Center Chicago will feature one-, two- and three-bedroom residences with floor-to-ceiling panoramic views of the city and Lake Michigan.

Debt financing for Optima Chicago Center is being provided through a PNC/HSBC Bank syndicated construction loan with preferred equity from LaSalle Investment Management. The first Optima Center residential units are expected for completion in 15 months.