CHICAGO: West Loop Multifamily Ramp Up
There's a new JV in Chicago's West Loop multifamily mix, banking on the market's restaurant and office ramp-up to spur rental demand. A venture led by Convergint Technologies CEO Dan Moceri--including local developer and architect Thomas Roszak (who designed the project) and repped by @properties Commercial VP Pat McGuire (above)--paid $6M for the 26k SF development site at 601-613 W Jackson Blvd. The venture plans a 15-story, 190-unit apartment building, including street-level retail and a parking garage. Pat thinks the development will appeal to price-conscious urban professionals and empty nesters (that way Millennials can continue to live with their parents, just not in the same house).
A rendering of what's to come. With so many new offices being built and major relos like Hillshire Brands and Google, the West Loop's demand for rentals and transformation into live/work/play is just getting started, Pat says. The neighborhood is ideally situated, just off the highway and a short walk from Union Station and the Loop. Development challenges: finding a viable site for the right price and securing construction financing from banks that are still pretty particular.