Jan
21

River North a Hotspot for Chicago New Apartment Construction

January 21, 2013

merchandise-mart-photo2013 is going to be a booming year for construction in Chicago’s River North neighborhood. The area, which is home to the Groupon headquarters, has been gaining a reputation for its technology start-ups, and now five apartment complexes worth an estimated $500 million will soon be coming to the neighborhood.

The Magellan Development Group LLC and the Kennedy family are planning to add nearly 1,500 total units on top of the nearly 900 units already scheduled for completion, half of which will be located in a tower near the East Bank Club.

There is a strong likelihood that not all 1,500 Chicago new apartment units will actually be built, which isn’t necessarily a bad thing, since such a steep rise in construction means that developers run the risk of overflooding the market with rentals.

In addition to the Magellan project, Omni Group of Cos. is planning to build a 200 unit development in the River North neighborhood.

West Loop and Streeterville are also attracting more developers. Overall, it is predicted that developers will add more than 7,000 apartment units to the downtown market by December 2014, and more than 1,800 apartments are currently under construction.

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