Earlier this week, yet another new development in the West Loop was announced – this time, a 32-unit condominium project with a $795,000 starting price per a report from Curbed Chicago. Named Eveq, construction on the five-story condo building will begin in March of this year.
It seems like every few weeks we hear of a new construction project in the West Loop and Fulton Market District, or encounter another sidewalk blocked off and crane rising up above. One can’t help but ask – what are they building here?
West Loop residential new construction 2019
Since our focus is residential real estate, we tallied up every recently completed, near completion, under construction, approved or proposed apartment and condominium complex within the West Loop’s boundaries.
Bear in mind, there are several new office buildings, including the newly completed McDonald’s HQ, and even a few hotels (is Nobu done yet?) in the works. Although there are just nine residential projects currently under construction in the West Loop today, there are far more crews scattered throughout the neighborhood working on a variety of building types.
Recently completed (last 2 years):
900 W Washington (900 West) – 22 condos
1115 W. Washington Blvd. (Hayden West Loop) – 28 condos
1000 W Monroe (Mille) – 12 condos
111 S Peoria (Illume) – 79 condos
216 S Green (West Loop Collection) – 56 condos
236 S Racine (Residences on Racine) – 20 condos
808 W Van Buren (The Van Buren) – 148 rental units
727 W Madison (Completed) – 492 rental units
1050 W Monroe (Monroe Aberdeen Place) – 120 rental units
Approved, under construction or near completion:
128 S Laflin – 52 condos
14 N Bishop (Eveq) – 32 condos
172 N Ada – 263 rental units
725 W Randolph (Equinox Hotel) – 370 rental units
935 W Washington (Union West) – 357 rental units
845 W Madison – 586 rental units
205 S Peoria (Milieu) – 275 rental units
1220 W Jackson – 166 rental units
939 W Washington Blvd (Union West) – 358 rental units
Proposed or pending permits:
170 N Peoria – 300 condos
19-27 N. May St – 73 condos
1050 W Van Buren – 201 rental units
1125 W Van Buren – 200 rental units
1061 W Van Buren – 357 rental units
37 S Sangamon – 193 rental units
Fabbri Sausage Factory 166 N Aberdeen – 236 rental units
419 S Peoria – 90 units (undecided whether apartments or condos)
West Loop new construction currently for sale or rent
In the last two years, 217 new construction condos in the West Loop were listed for sale and/or purchased. To give you a rough idea of cost, the median price of a new construction condo in ZIP 60607 was $1.012 million in February, up 8.3 percent from a year ago. The 5-year price peak was in December 2018 at just over $1.024 million.
In the rental market, there are 760 newly completed West Loop apartments. Rent at 727 W Madison start at $1,890 for a studio (490 square feet) to $7,700 for a corner three bedroom (1,585 square feet). 727 W Madison is not currently running any concessions.
Apartments for rent at The Van Buren fall in a similar price range, from $1,850 for a slightly larger studio (544 square feet) to $3,650 for a 1,070-square-foot two-bedroom, two bathroom apartment. For March move-ins on an 18-month lease, new lessees can get 2 months free. That would bring the average monthly price down to $1645 per month for a studio. Move-ins before the end of April on a 15-month lease get 6 weeks free and move-ins before the end of May on a 13-month lease get one month free.