Weren't we just talking about a bulging pipeline of apartment projects in River North? The West Loop isn't seeing quite the same intensification, but there's still plenty to tally. Most Curbed readers/city observers know about the two largest plans by now: One South Halsted and 765 W Adams, 492 and 351 units respectively. There's other mid-sized stuff in various stages of planning (like this one, at Madison & Racine). And now, thanks to a Crain's report, we've three smallish plans to add to the development watch: a 16-story, 97-unit rental building at 723 W Randolph, courtesy of "parking entrepreneur" Jesse Levine; a cluster of low-rises with an anticipated 69 units at Adams & Aberdeen by JRG Capital Partners; and a 26-unit building set for a parking lot at Van Buren & Morgan by Michigan Avenue Real Estate Group, already engaged in planning an 81-unit development at Madison & Aberdeen.
Sky-high downtown rents are sending residential developers into adjacent neighborhoods, and only River North is better poised than the West Loop to capture this demand. According to real estate investment consultant Susan Lawson, an already crowded development field still has room for others (presuming secured financing). "Where things stand right now with the pipeline, there is, relatively speaking, limited supply west of 90/94," Lawson tells Crain's. But the market remains unfriendly to upstarts. Says Walt Rebenson, president of Ascend Real Estate (the guys behind the Madison & Racine proposal): "The development needs a partner that has a very deep balance sheet." Guess we'll be putting our popsicle stand elsewhere.
·Developers tee up three more West Loop rental deals [Crain's]
·Development Update-O-Rama: The River North Pipeline [Curbed Chicago]