Tagged : South Loop Rentals

As first reported by the Chicago Tribune, ground has officially been broken on Essex on the Park, a high-profile new apartment tower located at 808 S. Michigan Avenue in the South Loop. But as impressive as this new 479-unit tower looks, it’s not the only major project underway around this part of the neighborhood.  

Construction for a 76-story apartment building at 1200 S. Indiana also began last month, which will also add an additional 792 ultra-luxury rentals to the expanding South Loop market. This particular development, which is being called One Grant Park, was designed by New York-based architect Rafael Vinoly and also include a second tower, which is already planned.  

The Helmut Jahn-designed tower at 1000 S. Michigan is also in the works,

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