West Loop Continues to Be a Top Spot for Chicago New Apartments

general city apartments photoLast week, we reported that investors were planning an ambitious $45 million office tower plan in the West Loop. Now, in the latest Loop real estate news, three developers are planning a total of 192 apartments in the area.
Jesse Levine, who is also known as a local parking entrepreneur, is planning a 19-story building at 723-729 W. Randolph St. Upon completion, the building will house 97 apartments plus 4,000 square feet of retail shopping and a parking garage with around 215 spaces.  Michigan Avenue Real Estate Group is planning a 26-unit apartment project at 1000 W. Van Buren St. and JRG Capital Partners LLC is aiming to build 69 units at 1118-1158 W. Adams St.
While the recent apartment boom may have some residents worried about potential overbuilding of apartments, a majority of investors say they aren’t concerned about the rise in new real estate in Chicago especially because the new office complex and apartments should attract more young professionals to the downtown area.