Jan
08

New Apartments in Chicago Coming to the West Loop

January 08, 2013

Chicago-based developer Fifield Cos. plans to purchase and expand a five-story condominium-turned-apartment building in the West Loop. The real estate deal was one of the last few of 2012, which was certainly a busy time for investors.

The apartment complex is located at 1222 W. Madison St., and at least forty-four new units will be added. While once a warehouse district, the West Loop has quickly transformed into a prime location for condos, art galleries, shopping and dining.

Other 2012 real estate deals in the West Loop included the purchase of a 40 story office tower at 1 S. Wacker Drive, and Ivanhoe Cambridge, one of the 10 largest real estate companies in the world,  invested $300 million to build a 45-story office tower in the area.

The Wacker Drive tower will undergo renovations that are expected to improve the building’s vacancy rate, while the Ivanhoe Cambridge tower will include approximately 900,000 square feet of leasable space.

Real estate professionals now consider the West Loop a Class “A” neighborhood, which means the area is made up of high-quality, well-located buildings that have good construction and infrastructure.

This Class “A” status combined with the West Loop’s great shopping and dining scene will most likely lead to more investment deals in 2013.

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Jessica Thom

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