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Two Developers Look To Build 438 Downtown Rental Units

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In a double whammy of developmental delight, Crain's is reporting that two new apartment projects are being floated for West Loop Gate and River West. One is a reprising of a recently scrapped apartment plan for the surface lot at 601 W Jackson. The other is brand-spankin' new. Let's start with the Jackson Blvd proposal. Dan Moceri, in a departure from his primary business interest—security and fire systems—is interested in building a 15-story, 198-unit rental building where Savoy Development once planned between 240 and 320 apartments. Savoy backed out from the land purchase in October. Moceri has agreed to buy the parcel, although neither he nor the broker gave any further comment. The former proposal sounded promising before it suddenly wasn't, so we won't hold our breaths.

Meanwhile, at the six corners of Grand, Milwaukee, and Halsted, developer Michael Breheny of Contemporary Concepts is under contract to buy the plot at 500 N Milwaukee. He told Crain's he intends to erect a 16-story, 240-unit apartment building with some manner of joint office space for residents and start-up companies. This would be Breheny's largest development by far, although he's also busying himself with a joint venture at 707 N Wells (51 units) and two smaller projects in Lincoln Park and Lakeview. More to come.
·Building Bash: More developers plan downtown apartments [Crain's]
·Scratch That Apartment Plan For 601 W Jackson [Curbed Chicago]