Construction is underway on a luxury skyscraper that will be the tallest building in the city west of the Kennedy Expressway.

Co-developers Fifield Cos. and Skokie-based F&F Realty recently broke ground on a 44-story, 490-foot-tall tower that will bring 492 apartments and 375 parking spaces to the city's West Town neighborhood, near Greektown.

Mark Lecocq, a senior vice president at Fifield, said a name for the building, on Madison Street just east of Halsted Street, had not been decided. The completed building is expected to be valued at roughly $280 million, he said.

Rents for the apartments, which will range from studios to three-bedroom units, haven't been decided and will be based on the going market rates in 2019 when the building is expected to be completed. The building also will include 10,200 square feet of retail.

"Architecturally, the building is pretty significant," Lecocq said. "It's cylindrical with an all-glazed glass facade." The roughly seven-story parking structure will be beneath the apartment tower.

The building's amenities will include many found at luxury rental buildings these days: a yoga room, a coffee bar, gym, fire pits and an outside kitchen. Some apartments will offer a 365-degree view of the city, he said.

IIT sells oldest building for redevelopment Robert Channick

The Illinois Institute of Technology has sold the historic Main Building — the oldest structure on its campus — for redevelopment as an apartment building.

Private developers purchased the 125-year-old building last week for an undisclosed price, with plans to create 102 one-bedroom rental apartments....

The Illinois Institute of Technology has sold the historic Main Building — the oldest structure on its campus — for redevelopment as an apartment building.

Private developers purchased the 125-year-old building last week for an undisclosed price, with plans to create 102 one-bedroom rental apartments....

(Robert Channick)

The skyscraper will be adding a substantial number of residential units to what is already a building boom in the neighborhood, but Lecocq isn't worried.

With companies moving into newly constructed offices and the arrival of new residents in other buildings and restaurants, it feels like a neighborhood of 24/7 live, work and play, Lecocq said.

"The West Loop is really coming into its own," he said. "And we want to be a part of it."

Fifield also is building The Sinclair, a 390-unit luxury building in the Gold Coast neighborhood set to open later this year. The development company has been the source of other local luxury buildings, including NEXT in River North and K2 Apartments in the Fulton River District.

Skokie-based F&F Realty is an affiliate of Ares Management. Financing was provided by Bank of the Ozarks and F&F, Lecocq said.

crshropshire@chicagotribune.com

Twitter @corilyns

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