Northbrook-based developer Michigan Avenue Real Estate Group, which counts Bulls owner Jerry Reinsdorf as partner, is trying to put some pep back in the Near West's step. The area between Ashland and Damen, flanking the United Center, never went far in the real estate boom (much of is arena parking). According to Crain's only Brinshore Development, in partnership with the CHA, has built new market-rate rental housing in the area in recent years— 78 units so far. The new proposal is slated for a parking lot at 1615 W Warren and will rise four stories with 52 one- and two-bedroom apartments. Ashland Ave is the de facto border of the West Loop market, and crossing to its west side drops new construction rents by about 10%. Locating even a short distance further west would bring steeper drops. Retail and services decline just as precipitously. Palpable changes are in the air, however, with the Bulls practice facility and a mixed-use scheme coming soon to the vicinity of Madison & Wood and Pete's Fresh Market breaking ground at Madison & Western. Couple this with easy access to the Green Line, Union Park, and West Loop amenities, and suddenly a renewal of interest in the blocks between Ashland, Damen, Madison, and Lake isn't so far fetched. Stay tuned for more!
·Reinsdorf-led firm seeks to build 52 apartments near the United Center [Crain's]