While the potential redevelopment of an older three-story building at 1000 W. Monroe in Chicago’s West Loop seemed like an inevitability given the red hot neighborhood, the recent appearance of a proposed eight-story condo building on the MLS raised some eyebrows. With no public engagement by the development team or an official nod from West Loop community groups, the developer might be putting the cart slightly ahead of the horse by starting pre-sales.
Designed by Chicago’s Valerio Dewalt Train Associates, the 1000 W. Monroe proposal is unapologetically modern and doesn’t pretend to be an old 19th Century warehouse. The development would include 12 spacious, multi-bedroom units and a first floor apparently dedicated to lobby and garage space. A parking ratio of at least 1:1 is to be expected given the unit pricing between roughly $500 and $700 per square foot and the location’s lack of TOD eligibility.