Hoping to tap into the rabid demand for downtown rentals, developer Michigan Avenue Real Estate Group is proposing four, four-story buildings that would bring 81 new apartments to the West Loop. Planned for Madison and Abderdeen, the mid-rises will offer one-, two-, and three-bed apartments, with two-beds renting between $2,200 and $2,400 per month. This is first new development for Michigan Avenue, which was originally created to buy up distressed condos. And its entering an increasingly crowded field in the West Loop, with projects like One South Halsted (500 units), 765 W. Adams (351 units), and a nine-story building at Madison and Racine (216 units) also in the pipeline. Yay synergy! [Crain's (by subscription), image: Google Maps]
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