The building will be called 888 Tower once the project is completed. The firm purchased the property from Mike Harrah for $54m. This is the second big deal for Mike Harrah after selling a plant building to e-retail giant Amazon for $63m.
The building at 888 North Maint Street is made up of 10 stories of office blocks that date back to the 60s. It was designed by the same person who designed Capitol Records Tower and LAX. The office units will be broken down into 148 apartment units and reserved for Workforce Housing applicants. The units will be a combination of studios, one-beds, and two-beds with rent set around $2,000. Brochure printing will no doubt feature images of what the project will look like.
The building will have numerous amenities such as a yoga studio, fitness center, internet café, and underground parking. Jeffrey Gould, one of the project’s brokers, said:
“The project is a leading indicator of how older, vacant buildings are being converted into modern and productive buildings for the benefit of the community at large.”
The 888 Tower Project is included in Alliant Strategic’s Opportunity Zone Fund I. The fund was created so that people could make real estate investments in certain zones, which were created in 2017 to identify disadvantaged areas and help develop them.