New South Loop condo proposal is a sign of the market’s gradual recovery

While new rental towers and hotels have been the driving force behind the South Loop’s recent building boom, condominium development is slowly and surely making its return to the downtown neighborhood. Last week, developer Episteme Luxury Homes presented its plan to construct a new four-story project at the southwest corner of State and 18th streets next to the ‘L’ tracks, reports DNAinfo.

Designed by SPACE Architects + Planners, the proposal for 1802 S. State would feature a mix of 39 one-, two-, and three-bedroom units and below ground parking. The project would be constructed “as of right” without a change in underlying zoning. According to the Prairie District Neighborhood Alliance’s Facebook page, Episteme hopes to start work in mid 2017 and deliver the building towards the end of 2018.

Google Street View

As far as post-recession condos are concerned, the 1802 S. State project follows on the heels of the 140-unit building at 1345 S. Wabash and is an encouraging sign for the health of the market. However, the biggest test for the area—a 74-story, 832-foot-tall luxury condominium tower at 1000 S. Michigan Avenue—is yet to come.

Perched on the edge of Grant Park, the JAHN-designed project known as 1000M will open a sales center for its 340 residences this summer and aims to break ground in 2018. The pace of sales should be a much better indicator for gauging the South Loop’s overall demand for new condos.

JAHN

• Condo Comeback? State Street Project Latest Plan As Developers Test Market [DNAinfo]
• PDNA: New Condo Building for 1802 S. State [Facebook]
• Jahn-designed South Loop tower to break ground in 2018, says developer [Curbed Chicago]