Hunt Companies, Inc. (Hunt) and Savoy Development announced today that its multifamily development at Logan Square in Chicago, Noca Blu, has achieved LEED Silver certification from the U.S. Green Building Council. Noca Blu, one of the first new multifamily properties in the fast-growing submarket area in decades, sits half a block north of the intersection of California and Milwaukee Avenues, adjacent to the California Avenue CTA Blue Line Station. Its urban infill location is within one of Chicago's newest Transit Oriented Development (TOD) locations.
"We are proud to be part of the revival of the Logan Square area, bringing sustainable, urban, and pedestrian-friendly living to renters seeking proximity to mass transit and lifestyle amenities," said Guy Arnold, COO of Hunt. "We are pleased to celebrate the certification with our partner, Savoy Development."
Noca Blu is a 6-story, 138-unit Class "A" quality property combining market rate and affordable units with over 9,300 square feet of ground level retail space. The property also includes an 8,000 square-foot amenity deck and parking spaces for 44 cars and 138 bicycles. Of the 138 units, 20 will be affordable and 118 market rate. Construction was completed in the fall of 2018 and residents began moving in/leasing in November 2018.
"LEED is a transformative tool that ensures a building is designed and operating to achieve high performance in key areas of human and environmental health while enhancing the triple bottom line - people, planet and profit," said Mahesh Ramanujam, president and CEO, USGBC. "By prioritizing sustainability, the NoCaBlu project is leading the way in their industry and helping USGBC continue toward our vision of a sustainable built environment within a generation."
Hunt and Savoy co-developed the project in joint venture with Principal Real Estate Investors. Construction financing was provided by Wintrust Commercial Real Estate, Studio 222 Architects designed the building, and the general contractor was Focus Construction. Pinnacle manages the property.
To access additional information, please visit www.nocablu.com.
Hunt is a family-owned holding company that invests in operating businesses in the real estate and infrastructure markets. Hunt develops, invests, manages and finances assets at all stages to derive and deliver value. Founded in 1947, Hunt builds its reputation on integrity and performance. With a focus on excellence in corporate governance, Hunt is committed to a culture of transparency for employees, clients, investors and the communities it serves. Hunt employs over 1,800 direct employees and its broader platform (including affiliates) employs over 6,000 additional employees across the United States and Europe. Learn more at www.huntcompanies.com.
About Savoy Development
Savoy Development is a real estate development company with an extensive track record of ground-up and revitalization of residential and mixed-use properties. Savoy pursues opportunities nationally, generally with local joint venture partners. The firm has developed projects in Illinois, Florida, New York, Arizona, Virginia, Indiana and Washington, D.C. Savoy's principals' experience includes architecture, construction, land use, planning, entitlements, as well as financing.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $74.3 billion in commercial real estate assets (as of December 31, 2018). The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is a dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.