Waterton Residential Launches Presidential Towers Redevelopment

CHICAGO, Nov. 3 /PRNewswire/ -- Waterton Residential launches the redevelopment of Presidential Towers, the impossible-to-miss visual landmark in the Chicago skyline. The redevelopment will include updating the look and feel of the main lobby as well as the retail space. Fitness Formula Clubs and Yolk restaurant are the first new leases of the retail redevelopment, which is scheduled to break ground in early November.

Presidential Towers is currently home to several casual dining and fast food restaurants, a gourmet market and deli, a dry cleaner and other retail amenities. Waterton Residential acquired the property in 2007 and is committed to providing an exceptional rental living experience for its residents.

"Because there are so many convenient amenities inside Presidential Towers, it has long been referred to as the 'city within a city,'" explains Phyllis Kempton, Community Manager, Presidential Towers. "Waterton is taking this idea to the next level by bringing a higher caliber of retail amenities to our residents and West Loop neighbors alike."

The existing fitness facilities at Presidential Towers will be replaced by Fitness Formula Clubs, one of Chicago's most upscale health and fitness clubs. Upon completion, the new club will expand to 52,000 sq. ft. on two levels and will feature a dramatic new, street-level, 3 story glass enclosed atrium entry, an indoor swimming pool and whirlpool with atrium ceiling, an outdoor swimming pool and sundeck, an FFC Spa, Juice Bar Cafe and much more.

Presidential Towers will also be home to Chicago's third Yolk restaurant, planned for a street-level space along the Clinton Street facade. Locally owned and operated, Yolk specializes in new and creative cuisine for breakfast and lunch. Currently, Yolk has locations in the South Loop and River North.

"The current phase of construction now underway is part of a 10-year renovation plan for this premier property," says Peter Vilm, Co-Founder of Waterton Residential. "This phase is designed to open up our retail facilities to the growing West Loop day and nighttime population, while providing our residents with best in class reception and common area amenities. While all will see dramatic improvements from our current activities, our residents can expect improvements in services, finishes and lifestyle enhancements to continue 'behind the scenes' for many years to come."

Retail spaces available for Fall 2010 opening being offered by CB Richard Ellis, www.cbre.com/TheShopsAtPT. For more information contact Leslie Mader, 312.935.1972, leslie.mader@cbre.com.

About Waterton Residential
Waterton Residential is an affiliate of Waterton Associates L.L.C., a Chicago-based real estate private equity firm. Waterton owns and manages approximately 16,000 units nationwide. Since its inception in 1995, the firm has invested over $3 billion in 110 communities through joint ventures with major financial institutions, investment banks and pension funds. Employing over 440 individuals, Waterton is a vertically integrated company specializing in acquiring and managing multifamily properties to which it can add value through repositioning and renovation. For more information, please visit www.watertonresidential.com.