Chicago Real Estate News & Neighborhood Notes - West Loop Real Estate News

Commercial Update: Cold Storage Tenant Substantially Increases Office Space in West Loop

The West Loop real estate market is still red hot, but that’s not keeping a cold storage company from greatly expanding its footprint in the neighborhood. NewCold already has 6,000 square feet of space on the 31st floor of an office tower on West Madison Street, but now its planning on taking over more than 35,000 square feet of space in the same building.

As part of the expansion, NewCold won’t just be leasing substantially more space in the building, but also plans to hire around 125 new employees to fill the space. The company first moved in just two years ago and hired 75 employees.

The new expansion means the company could top 200 employees in the near future. NewCold serves large food product companies such as McCain and Conagra by owning, operating,…

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Related Midwest Now Planning on New Office Tower in Fulton Market

Previously Related Midwest had planned to build a hotel and apartment complex in Fulton Market, but now it seems the developer is pushing ahead with plans for a new office tower on West Randolph Street. Three years ago, the city council approved plans for apartments and a hotel, but new plans include a 41-story office tower with more than 900,0000 square feet of office space. 

This is significant, because it comes at a time where availability of office space in the city sits at a record high. The pandemic has had an impact on the office market, and some companies are still operating with remote workers. 

That’s not exactly the case in Fulton Market, though, as the area appears to still be attracting tenants to some of its new buildings. While the…

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New bKL Architecture High-Rise Planned For the West Loop

A new high-rise is going up in the West Loop, and this this one is reportedly a multi-family development. Designed by bKL Architecture, the new project was originally reported as a 33-story project, but we now know from the architect’s website it will be 29-stories when complete.

Original reports suggested more than 300 residential units would be coming to the building, mostly a mix of studios and convertible units. Past reports have suggested the developers will likely be paying around $2.7 million into the Neighborhood Opportunity Fund.

Those reports detailed that approximately 60 units would likely be designated as affordable units, some of which would be located on-site, while other affordable units would be built off-site. The property sits…

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New Fulton Market Project Pivots to All Residential

Originally planned as a hotel, a new Fulton Market project has now pivoted to an all-residential project. Located at 1234 West Randolph Street, the planned glass and metal tower will eventually rise 42 stories above the surrounding neighborhood.

The new tower is expected to offer 400 rental units when its finished, some of which will be designated as affordable housing. The proposed project sits at North Racine Avenue and West Randolph Street. It still needs approval from the Zoning Committee and Plan Commission, along with the City Council.

The planned tower is simply the latest project in an apartment boom that’s currently happening in the West Loop, and more specifically in Fulton Market where housing remains in demand. Development really took off more…

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Fulton Market Building Owner Hopes to Cash-In While Area Construction Boom Rolls On

As developers and investors set their sights on Fulton Market, at least one building owner is hoping to cash-in. A single-story property at 941-945 W Lake Street just went on the market.

While there’s no official list price, some expect the building could get bids close to $15 million. The existing owner, also a real estate investor, paid just $2.3 million for the same property 10 years ago.

Of course, that was about six months before Google announced it was moving in. That announcement helped boost property values in the neighborhood to some of the highest in the city, as new trendy restaurants and hotels moved in.

The property is right at the heart of Fulton Market and is considered to be one of just a handful of remaining redevelopment sites. It is…

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Construction Begins on New Embry Condos

Construction is now underway on a new condo building in Chicago’s West Loop neighborhood. Unlike many of the neighborhood’s other buildings, Embry features a modernized, Art Deco-style façade.

The 15-story building will eventually make room for 58 new condos. Buyers have the option of two-, three- and four-bedroom configurations at Embry. There are also some duplexes in the tower. Many of the units are priced upwards of $2 million. 

The new condos come with such extras as a home office, a den, a full-size laundry room and a large private terrace. Shared amenities include an indoor/outdoor fitness center, a putting green, and a yoga studio. Other planned amenities include an outdoor deck with a firepit and a residential lounge.

The new condo…

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Google Close to Leasing New Space in Fulton Market District

A plan to expand Google with more office space in Chicago’s Fulton Market District is pushing forward. According to published reports, the search giant wants to lease around 200,000 square feet of additional space in the area.

That amounts to about half of a new office building at 400 N Aberdeen Street. The recently completed building currently offers a total of 425,000 square feet of space.

If all goes through, the deal would turn Google into the building’s anchor tenant. It would also significantly help boost downtown’s office market, which has been impacted by an increase in remote workers since the pandemic first began.

For its part, Google has hired hundreds of people in the Chicago area since the pandemic started. The company is reportedly targeting…

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Thousands of New Apartments Planned For West Loop

Chicago’s West Loop neighborhood is on track to add more than 9,000 new apartments. If all goes as planned, reports suggest it could mean more new apartments in the West Loop than the combined total of all of the city’s other downtown neighborhoods.

Apartment development has really taken off in the Fulton Market District in recent years. There are currently about 19 multi-family developments either in the planning stage or already under construction in the district.

New residential development is perhaps the latest phase for Fulton Market, which has recently welcomed in a number of major companies and corporate headquarters. One of the latest apartment projects, meanwhile, is a 30-story building located at 160 N Morgan Street.

The developer behind it is…

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Ultra-Luxury $6 Million Condos Planned For Fulton Market/West Loop

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…

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New Apartment Tower Headed to Fulton Market

A new apartment tower is slated for Fulton Market, where a developer plans to construct a 27-story building. Plans call for 375 apartments to go in near the corner of Elizabeth and Randolph streets.

Designed by architect and developer Thomas Roszak, crews plan to first demolish some existing low-rise buildings at the site. The new tower is just one of a handful of new apartment developments coming to the neighborhood, which is once again a hot market for real estate in Chicago.

Two other large apartment developments are already under construction along Randolph Street. One plans for 300 new units, while another a few blocks away plans for more than 200. There are also several other developments in the works.

As the industry recovers from the COVID…

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