Jan
25

New Chicago Condos and Homes Coming to the West Loop

January 25, 2013

west loop real estate photoChicago-based Quest Realty Group plans on tearing down a West Loop warehouse to build single-family homes and new Chicago condos.

Quest is tentatively planning five new single-family homes with skyline views as well as 40 condos and a single-tenant office building.

While the West Loop has been home to a plethora of new apartment projects, condo construction has been somewhat slow. The West Loop currently only has 46 unsold, new construction condos compared to the 973 for-sale or newly constructed condos located in the neighborhood just four years ago, a sign that the area is ready for new construction.

There are several other signs that indicate the West Loop is becoming a popular spot for new construction. The Belgravia Group Ltd. has had success selling 48 new Chicago condos in a five-story West Loop development, and the company is planning to build another 40 condos in the area.

These new developments have pushed the West Loop into claiming “Class A” status, which means that the area is desirable to investors because people desire  its prime location and infrastructure.

The neighborhood also provides easy access to the Eisenhower Expressway, and is home to Fulton Market, Greek Town and the Randolph Market. In addition to old warehouses being turned into condos and apartments, many buildings are also being transformed into galleries and boutiques.

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