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500 Apartments Envisioned for Pilsen

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New York-based developer Property Markets Group hopes to build 500 apartments on a vacant lot between 16th and 18th streets, and Newberry Avenue and Peoria Street (pictured). The developer needs to get the community and its alderman, Daniel Solis, on board with the plan. This could be difficult considering that the traditionally working-class neighborhood has experienced an influx of young professionals, causing residents to fear being pushed out by rising rents, Crain's Chicago reports. However, Property Markets Group feels the site's location, close to retail and public transportation, makes it a one-of-a-kind opportunity. The nearly eight-acre Pilsen site is currently owned by the Chicago branch of the Jesuit. If all goes according to plan, the project would be the largest in Chicago for Property Markets Group. The residential developer lists 10 other Chicago properties on its website, and plans a 120-unit apartment development in Logan Square. [Crain's]