A report from Crain’s earlier this week detailed some exciting news relating to The Loop—Chicago’s primary business and financial district. Although nothing is official, two major projects are currently in the works, with one tower that’s being proposed for the corner of Clark and Lake Streets potentially standing 83 stories high and housing 600 hotel rooms and 300 apartment units.
Just three blocks west, also on Lake Street, an additional tower is also being planned, which would stand 33 stories high and house an additional 265 apartment rentals. This particular tower is being developed by Thomas Roszak, who has already acquired the two parcels the building would need, and is hoping to break ground in the spring.
The primary advantage of each building and their locations is that quick and easy access to transportation would certainly make each a coveted destination for both renters, as well as any hotel guests wanting to explore the city. And with the continued development of the lakefront parks, as well as additional residential development and other amenities transforming The Loop, crazier ideas have certainly been proposed, even despite the overwhelming number of new apartments that have already been delivered or expected to be delivered over the next couple years.
According to Crain’s, nearly 11,000 new downtown apartment units are expected to be completed over 2015, 2016, and 2017, setting these next few years up to be an exciting time for Chicago’s wild rental market.