Although Chicago’s downtown market might appear to be oversaturated with new upscale apartment residences, the development boom seems to be pushing forward as reports surface about a new 199-unit tower possibly making its way over to the South Loop.
Being developed by Chicago-based Russland Capital Group, preliminary plans have the new building stretching 15 stories high, which if approved, would be located at 1411 S. Michigan Avenue, just a short walk away from Soldier Field.
Chicago’s occupancy rate for high-end apartments dropped to 92.2% in the third quarter, which has some industry experts wondering if a softening of the market is finally on the horizon. But regardless of Chicago’s most recent development boom bringing a record-breaking 4,500 units to market, the South Loop still feels like an intriguing possibility that makes a lot of sense. The neighborhood’s close proximity to the Loop, the lakefront, transportation, and countless other attractions continues to boost appeal, and as more people are opting for downtown living, data suggests most are still looking to rent rather than buy.
The design of 1411 S. Michigan is from BKV Group, and along with the 199 individual living spaces, look for the building to also include 141 parking spaces, and outdoor pool, a 3,000 square foot gym, two outdoor grilling areas, and an additional 41,000 square feet of commercial space that will be leased to Rush University Medical Center.