Upstart developer Michigan Avenue Real Estate Group, co-founded by Sox and Bulls owner Jerry Reinsdorf, is tossing another West Loop apartment plan into play— this one on Madison just three blocks west of the developer's multiple building 81-unit project at Aberdeen and a few east of another chunk now underway at Ashland. Crain's reports that the planned newcomers are two four-story buildings with 72 total rental units, one of which would put a fairly attractive three-story loft building in the ground; the other would erase a surface lot, so it's really a mixed bag. Michigan Avenue claims that, by focusing on small buildings, it's paying closer attention to unit amenities like hardwood floors and high ceilings. Rents are projected at $2,100 for a one-bed and $2,800 for a two-bed. But's let's ease up a minute— the firm must first buy the properties in question. We get the sense that Reinsdorf is keenly aware of the benefits of densifying the area surrounding United Center, we just hope that motivation eventually extends to the arena's 45 acres of parking.
·Reinsdorf-backed Michigan Avenue Real Estate Group plans West Loop apartments [Crain's]
·West Loop Apartment Watch [Curbed Chicago]
·Reinsdorf-Led Firm Pitches Market-Rate Apts by Union Park [Curbed Chicago]