With thousands of new units on the way, it's probably safe to say that Chicago's apartment boom has hit critical mass. And as developers churn out new high-end rentals at an impressive pace, existing downtown apartment towers are feeling the pressure to update their units, common spaces and amenity offerings in order to compete. A prime example of this trend is the Streeter Place Apartments tower in Streeterville. Similar to the rebranding and renovation that the former Amalfi Hotel underwent, transforming into the younger, hipper feeling Kinzie Hotel, Streeter Place has dumped its uninspiring name and has been recently rebadged as Atwater Apartments. In addition to its identity overhaul, building's 480 residences and common areas will also receive a facelift. The building opened only six years ago, but its renovation may suggest how competitive the downtown apartment market has become.
The work will be done in phases, and the Atwater anticipates having 110 units completed by this year. In total, the renovation is expected to take up to four years. The newly renovated units will range from $1,950 for a studio space to $5,650 for a three bed unit. The Atwater team passed along some before and after images to show how the 54 story tower will look after its makeover.