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West Loop extending its boundary?
May 30th, 2013 12:22 PM

With new construction making a comeback in Chicago, a new project emerging in the far West Loop could extend the boundary of the popular neighborhood.  This project is taking place in the near west side, 3 blocks east of the United Center, and will be a 4 story 52 unit apartment building.      

This project is being fueled by Michigan Avenue Real Estate Group and none other than partner, Jerry Reinsdorf, owner of the Chicago Bulls and Chicago White Sox, and co-owner of the United Center.  This building is hoping to attract renters that work in the medical district, those looking for a short commute into the loop or into the west loop. Principle Richard Sciortino, of Brinshore Devlopment LLC, says, “There's definitely plenty of demand to serve that number of units.”

There are signs of more development in the area, for example a Pete’s Fresh Market is under construction and Alderman Walter Burnett said the neighborhood was supportive of the new project due to the lot being empty since 2011.

David Ruttenberg, principle at Marc Realty Residential LLC voiced a few concerns of his own to ChicagoRealEstateDaily.com.  The rental rates are about 10% lower than those of the west loop proper, especially for building west of Ashland.  “Everyone knows Ashland is the cutoff of the West Loop,” he said. “Will it ever get to Damen? That is the question.”   

Time will tell if this project at 1615 W. Warren Blvd will be the one to break the mold and be a catalyst to more development on the near west side.

 

 


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Posted by Michael Hobbs on May 30th, 2013 12:22 PMPost a Comment

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