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
…