chicago-condos Dave on 18 Oct 2007 12:27 pm
Two new apartment buildings proposed for downtown
The Chicago Planning Commission will decide on two new proposals for apartment towers for downtown Chicago today.
JDL Development plans to build one of the buildings in the Chicago Loop. The new building would be located at 212-232 W. Illinois Street.
The tower would offer 190 apartments and over 11,000 square feet of retail space.
The other project on the agenda is a tower that would house over 260 apartments and 25,000 square feet of new retail space.
The Chicago Loop continues to experience strong growth in the real estate sector despite weakness in the market for other neighborhoods in the city.
Downtown is seeing low vacancy rates and rising rents, causing many developers to focus on new apartment buildings in the neighborhood. Rents are rising 4 to 5 percent annually and vacancies for Class A apartments are below 5 percent in the area.
According to the Chicago Association of Realtors, sales in the Chicago Loop jumped during the third quarter. A total of 401 condos sold in the neighborhood during the quarter, up from 223 just a year ago.
The Loop continues to be one of the strongest neighborhoods for Luxury Chicago Condos in the city.
Technorati Tags: Chicago Real Estate, Chicago Apartments, New Chicago Developments, Chicago Condos
