(Movato photo)
The arrival of companies like Google and McDonald’s to Chicago’s West Loop is resulting in a boom in residential development in the area. Several multi-unit projects are already in the pipeline to satisfy the expected increase in housing demand, and now a new 14-story residential tower is expected to add to the expansion.
According to Crain’s Chicago, plans have been filed with the city to erect a tower containing 90 units along the Eisenhower Expressway at 419 S. Peoria Street, at what is now a vacant parking lot. The venture, which is near a CTA Blue Line Stop, is being spearheaded by D2 Realty Services Principal David Kleiman. The tower’s design is from Brininstool & Lynch.
It has not been determined whether the units will be condos or apartments, according to Crain’s Chicago. Kleiman said demand for housing in the West Loop will only increase in coming years given the influx of businesses to the area, as well as potential demand from UL-Chicago students and staff further south.
Crain’s Chicago notes other developers have similarly bullish outlooks on the West Loop. At 1035 W. Van Buren Street, Related Midwest has already pitched a shovel to start construction on a 300-unit apartment tower.
Things are so active in the area Kleiman told Crain’s Chicago, “The West Loop is, from our reading, the hottest Chicago neighborhood right now.”