Apartments Planned for River North

October 22, 2012

river north getting new piece of chicago real estateA Canadian developer has plans to build two new apartment towers in River North. Omni Group of Cos. has just paid $17.8 million for a 30,000 square-foot commercial building at 353 W. Grand Avenue and a 40,900 square-foot building at 750 N. Hudson.

The developer’s interest in River North stems from the fact that they believe the area’s young and affluent population combined with its diverse economy makes for a great investment.

We’ve been reporting on a lot of Chicago apartment development in the past few months, and that’s because developers are showing plenty of interest in the downtown market due to higher rents and an increase in occupancies. It is predicted that developers will add more than 7,000 apartment units to the downtown market by December 2014.

The increase in development has been raising some questions about whether or not the market will become over saturated. Yet, because many condo developers have stepped down since the recession, this leaves room for plenty of building.

What do you think of all the recent apartment building construction boom?

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