Feb
14

Chicago New Apartments Coming to the South Loop

February 14, 2013

loop area imageNew construction in the West Loop is booming, and now a series of Chicago new apartments is being planned in the South Loop as well.

Chicago-based developer CMK Cos. is planning to build 268 apartments at the same location as a constructed, but unsold and abandoned $60 million South Loop condo project at 1333 S. Wabash Ave.

CMK already owns 235 W. Van Buren St., which is currently the largest downtown condo project in Chicago. Located in the West Loop, 235 W. Van Buren boasts 714 units with several condos currently for sale.

In the past few months, a handful of developers have been stepping in to revitalize the condo market in the South Loop. In September, Related Midwest decided to relaunch three failed condo buildings in the South Loop’s museum campus.

Additionally, Chicago-based Golub & Co. and Amlii Residential, another Chicago-based investor, are working together on planning two projects. The first one is a 398-unit apartment tower at Clark and Polk streets, while the second is a 392-unit apartment tower at Ninth and State streets.

Developer interest in the South Loop is rising for a variety of reasons—not only is the area home to several universities, such as DePaul University and Roosevelt University, but a wide variety of bars, restaurants and retail make the area more appealing to those looking for a walkable lifestyle.

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