Chicago Real Estate Guide

Chicago’s Upcoming Downtown Rental Towers: 1406 Units Hitting the Market

• May 5, 2011

by Jacqueline Zenn

The demand for rentals in downtown Chicago has been steadily increasing, and three local developers are betting that this trend will continue as they plan to build new rental high rises near the Loop.

Building A at Lakeshore East

Building A: Magellan Development, the mastermind behind the growth of the Lakeshore East neighborhood, is partnering with local architects Brininstool, Kerwin and Lynch to build a 49-story, 499-unit rental tower just east of the Loop. The project currently being referred to as Building A is called Coast and located at 345 East Wacker Drive (map) and will feature recessed balconies and an aluminum, stainless steel and glass exterior, plus 18,000 square feet of commercial space. According to the article linked above, Magellan Development’s co-chief executive Joe Carlins says he hopes to break ground in June of this year.

One South Halsted

One South Halsted: Located just southwest of the Loop near Greektown at 1 South Halsted Avenue (map), this 500-unit building would be the tallest tower west of the Kennedy Expressway upon completion. Residents would have access to the services offered by the nearby Crowne Plaza hotel. A construction schedule is yet to be set for this proposed high rise, which will be 50 stories tall according to the developer’s website.

AMLI Residential Tower Development at Clark and Hubbard

AMLI Residential River North: Just across the river from the Loop at Clark and Hubbard (map) lies the future home of this 407-unit tower. AMLI Residential is the developer on the project, which is set to break ground in October 2011 with a tentative delivery date of early 2013. The exact timeline is subject to market conditions, according to Stephen C. Ross, AMLI’s executive vice-president of development.

This article originally published at http://chicago.urbanturf.com/articles/article/chicagos_upcoming_downtown_rental_towers/3443

1 Comment

1. T Fennell said at 12:19 pm on Wednesday May 18, 2011:

   FitzGerald Associates [Architects] is the architect for One South Halsted; the developer is F&F Realty Ltd. of Skokie, Ill.