A West Loop condo project is the newest development in the works in the Chicago neighborhoods, as the real estate market recovers from a severe slump.
A West Loop condo project is in the process of development. Two developers plan to build 40 condominiums in the West Loop, where new projects keep sprouting up, despite the strong demand and limited supply.
Patrick O’Flaherty of Foxford Construction and George Nugent of Kilkee Builders acquired the development site last week at Green Street and Jackson Boulevard, where it has proposed five buildings of eight units each. O’Flaherty said the condos would comprise of three- and four- bedroom units, and range from 1,750 to 2,400 square feet. They are tentatively priced from $579,000 to $799,000.
This West Loop condo project is the newest development in the works in the Chicago neighborhoods, as the real estate market recovers from a severe slump. The West Loop in particular has attracted attention from builders catering to families with three-bedroom units.
“The time is right for those types of units,” O’Flaherty said, in an interview with Crain’s Chicago Business. “That part of town is the hottest in the city.”
The developers have recently filed documents requesting the city rezones the city, which is currently a parking lot. The Chicago Plan Commission and City Council need to approve the change before construction can begin. If approved, the developers would build the West Loop condo project in phases.
West Loop Condo Project is Similar to Others
Belgravia Group Ltd., JRG Capital Partners LLC and Quest Realty Group are also planning on developing new condos in the West Loop area.
“Though the market still isn’t strong enough to justify a high-density condo tower, the supply of unsold West Loop units has shrunk enough to make more modest projects attractive to buyers and builders alike,” Belgravia President and CEO, Alana Lev, reported to Crain’s. “There are lots of people living in that neighborhood, one- or two-bedroom units, that have out grown the space. They can’t find something bigger to live in.”
No comment has been made about the financing or cost of this new West Loop condo project. O’Flaherty, who has recently been building rehabs and apartments, reveals that he hasn’t built condos since 2007, when he developed a 14-unit project in Uptown.
Even though many details have not been confirmed about this project, it is a sign that the West Loop and Chicago real estate market is making a comeback.