Another Set of New Chicago Apartments Coming to Downtown

February 19, 2013

Chicago Loop Dusk2013 has barely begun, and yet Chicago new apartment investment deals are cropping up all over town.

Developer Michael Breheny is planning a River West project that will consist of 240 apartment units and cost an estimated $80 million. The project is set to be located at Milwaukee and Grand Avenues.

River West is in between River North and Wicker Park, two neighborhoods that tend to attract young professionals, which means the new project is most likely a smart move.

Breheny is also working with local developer Campus Acquisitions to build another complex at 707 N. Wells St. that will consist of 51 apartment units. The estimated cost for the Wells St. project is around $20 million.

The third and final recent downtown apartment project is the construction of a 198-unit apartment complex at 601 W. Jackson Blvd. in the West Loop. Out of all the downtown neighborhoods, the West Loop has seen the largest increase not only in new apartment construction, but in other types of construction as well. The University of Illinois is currently scoping out the neighborhood as a possible location for its UILabs, which will bring a host of science and technology jobs to the area. Two 20-story office towers are also planned for the West Loop, which will hopefully encourage more tenants to move into the area and boost the local economy and tax revenue.

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