New Chicago Apartments Coming to the Loop

November 12, 2012

new chicago apartments in the loopHundreds of new hotel rooms and new Chicago apartments may soon be built in the Loop. The owner of the Block 37 shopping center recently earned the rights to build hotel rooms and apartments above the current shopping center. Block 37 is bordered by State, Randolph, Dearborn and Washington streets, and takes up an entire city block right in the heart of Chicago’s Loop.

Currently, Block 37 features a variety of entertainment, dining and shopping. Notable tenants in the building include shops such as Sephora, Steve Madden and PUMA.

Building both apartments and new hotel rooms above the five-story shopping center will certainly boost the economy of the Loop, which has been strengthening as indicated by the recent spur in condo building. Under current zoning laws, a developer is permitted to build up to 400 condo or apartment units and 500 hotel units.

Previously, the Bank of America Corp. planned to build a Loews hotel and residential tower above Block 37, but decided to pull out of the project.

2012 has been a busy year for the construction of new condos and shopping centers in Chicago! In addition to the Loop, developers and builders have been showing an interest in areas such as Bucktown and the Clybourn Corridor.

Would you ever consider renting an apartment in the prime Block 37 location?

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