Multifamily N Illinois

Waterton completes $15 million renovation of Angelo Gordon's River North Park

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Waterton has completed the $15 million renovation of River North Park, a 400-unit, 24-story apartment tower located at 320 W. Illinois Street in Chicago’s River North neighborhood. Waterton is the operator, design and construction manager and minority equity partner of the asset, which is majority-owned by alternative investment firm, Angelo Gordon.

The renovations of the property’s residences and amenities created a modern, resort-style community with contemporary fixtures, urban finishes and sought-after amenities. The rental residences—comprised of studios, convertibles, one- and two-bedroom apartments and two-bedroom duplex townhomes—are designed to appeal to a sophisticated urban dweller. The reimagined, amenity-rich River North Park now features a rooftop oasis, a redesigned resident lounge and collaboration area, an updated lobby with 24-hour door attendant, upgraded interior hallways and a modernized, fully appointed 24-hour fitness center.

“We applied our proven value-add capital program in full force to reintroduce River North Park to the Chicago market,” said Lela Cirjakovic, executive vice president of operations at Waterton. “This was a top-to-bottom renovation catering to residents who seek a convenient location near restaurants, bars, shopping and top-tier entertainment,and a highly desirable, commute-free, amenity-packed lifestyle.”

The lobby at River North Park has been redesigned with an inviting aesthetic, including a wood reception desk, brass accents and fixtures and a comfortable seating area with a fireplace. Contemporary furnishings and lighting fixtures, combined with locally themed artwork, create an understated metropolitan vibe in the newly remodeled lobby. The interior designer for the renovation was Brass Tacks, the architect of record was Chipman Design Architecture and Helios Construction Services served as the general contractor.

“The River North Park transformation is remarkable, and we are pleased the property’s central location, high-end amenity offerings and apartment upgrades are attracting a broad demographic of residents, from young families to empty nesters and urban professionals,” said Scott Glassberg, director, U.S. real estate at Angelo Gordon.

The completely rebuilt rooftop amenity deck offers a park-like ambience, featuring a new outdoor dipping pool and sundeck surrounded by lush landscaping, cabanas and four fire features. Five grilling stations, ample seating and a dog park round out the rooftop offerings.

The property also features a clubhouse lounge with a full kitchen and collaboration area, offering a quiet space for work-from-home professionals. The spaces are outfitted with vinyl plank flooring, modern furnishings and ample seating for residents and guests. The building exterior boasts three-color, custom-stained brickwork and Waterton completed a host of improvements and repairs to the building envelope and front entry canopy. River North Park also features 24-hour on-site laundry, available enclosed garage parking, dry cleaning valet, package delivery service and 30,000 square feet of street-level retail that includes PUPS Pet Club, a dog day care center.

Thoughtfully redesigned residences offer spacious layouts with large windows and walk-in closets. Kitchens in select apartments feature premium stainless-steel appliances, solid-surface countertops, a breakfast bar, raised panel maple cabinets, under-mount sinks and on-trend matte-gray kitchen cabinetry. Bathrooms have been equipped with tile shower surrounds and quartz-topped vanities.

River North Park, originally constructed in 1986, is within walking distance of the Chicago Transit Authority (CTA) Merchandise Mart Brown Line and Grand/State Red Line stations, easily accessible via the Kennedy Expressway, and centrally located in an area bustling with theaters, parks, high-end retailers and a vast menu of trendy dining options.