Ascend Real Estate Group LLC has constructed plans for a nine-story, 214-unit apartment building with retail space in Chicago’s West Loop. Ascend wants to begin construction by late summer with an estimated completion in 2014.
Ascend is one of many Chicago developers planning apartment projects recently, encouraged by rising rent and occupancy rates as an increasing amount of residents choose renting over buying.
“I’ve always liked the West Loop because it’s a neighborhood,” Ascend CEO Walter Rebenson told Crain’s. “This would be a walk-to-work location, and it’s near the new el stop at Lake and Morgan.”
The development firm has already begun presenting the plans to nearby residents, neighborhood groups and Alderman Walter Bennett Jr. of the 27th. Rebensen claims that the plan already has letters of support from some neighborhood organizations, and he expects to file plans with the city in the next few weeks. He hopes to receive approval by spring. Ascend has agreed to buy the site from MB Financial Bank, subject to city approval for the new building.
The plans for the building include 10,000 square feet of retail space on the ground floor and 216 luxury apartment units with roughly 200 parking spaces and places designated for bicycle storage. The ninth-floor rooftop will include a pool, sun deck, banquet rooms and a workout facility. The second-floor deck over the garage will include a landscaping and pet recreation area, and the lobby will house an Internet cafe.
“It seems like the only thing being built right now is apartments,” Rebenson says. “We feel confident in the long-term prospects. Rental is a good asset category to invest in.”