Chicago Real Estate News & Neighborhood Notes

A new condo building planned for the West Loop is expected to offer some units priced at nearly $6 million. The 25-unit condo building is going in on the northwest corner of Morgan and Madison streets where a surface parking lot now exists.

Called Momad, the building is expected to list condos priced starting at just under $2 million, with some of its most expensive condos priced at nearly $6 million.

At least one of the two penthouse units in the building is already under contract. The 10-story building will also include some outdoor space and more than 40 garage spaces.

Despite its smaller size, buyers at Momad will have eight different floor plans to choose from. Options start with a one-bedroom plus a den layout, including around 2,300 square feet of living space.

The largest unit will be nearly 5,000 square feet and include four-bedrooms. A handful of units in the building area already under contract.

The price point of the new building is further proof that the West Loop has changed over from a once rundown part of Chicago into the kind of place where you’ll find million-dollar condos.

The past record sell price for a top-floor unit in the West Loop was $5.72 million. That was in 2019.