White Hot West Loop Development; The Deal Sheet
No area in the country has more development activity than the West Loop. (Call your friends in Des Moines and talk trash, you've earned it.) What better way to pay tribute than a recreation of the most retweeted selfie ever?
After receiving the CARLy for Top Producer Platinum Rentals (286 rentals in 2013) last week, Luxury Living Chicago Realty’s Aaron Galvin and his team recreated Ellen’s famous Oscar selfie (above, original below). Aaron says jobs (Google, Twitter, Uber) are pushing renters to the West Loop in droves, and developers are responding with projects ranging from low-rises to 400-unit buildings. (Before the last boom, there were only 500 luxury units in the entire neighborhood.) One twist: West Loop residents have pushed to keep buildings as low as possible, staying in line with the area’s heritage. With smaller projects and cheaper land than prime infill spots, developers have the flexibility to spend more on spiffing up each unit and offer 1:1 parking, Aaron says.
Luxury Living Chicago just kicked off pre-leasing for Michigan Avenue Real Estate Group’s Madison Aberdeen Place, 54 condo-quality units at 20 and 22 N Aberdeen (ready for occupancy this June). The four-story property should stand out as an alternative to high-rise living, Aaron tells us, with fewer amenities but higher levels of finishes. Two bedrooms range from $2,500 to $3,300/month and one bedrooms range from $2,000 to $2,500/month, he adds (parking included with all units). Aaron’s also seeing demand for condos and a lack of inventory in the area, but financing hasn’t gotten there for most developers to make sense of it.