13-Story Residential Building Coming To South Loop As Developer Bets Big On The Neighborhood
A new 13-story multifamily building is on the way to the South Loop, where its developer has been busy erecting a slew of apartment complexes.
According to a foundation and partial superstructure permit issued by the city of Chicago Monday, CMK Cos. will build a 149-unit apartment complex with ground-floor retail and 98 parking spaces on the first three floors at 1723 South Michigan Ave.
The new building will go up beside the firm’s existing apartment tower at 1720 South Michigan Ave., a 33-story building with 498 luxury residential units. The 1723 South Michigan building will expand the company’s South Loop residential portfolio, which also includes 1333, 1345 and 1400 South Wabash Ave. and 1620 South Michigan Ave.
Calls to CMK went unreturned as of Bisnow's publication time. The move comes as CMK has gobbled up property near the South Branch of the Chicago River with its eyes set on bringing thousands of new residential units to the South Loop in the next few years, The Real Deal reports.
On the riverfront, CMK is constructing an 8-acre community called Riverline, which will include 3,600 residential units, per TRD.
The new development will occupy the site of the former C.I.T.Y. Club Gymnastics, which has relocated across the street. The project’s permit process moved forward smoothly, as CMK wasn't required to ask for any zoning changes or variances, keeping the project under the radar.
It is unclear whether the 1723 South Michigan Ave. project will feature any affordable housing, though CMK bills itself as "a boutique luxury real estate development company."
“I support diverse housing options for all Income levels throughout the 3rd Ward,” Pat Dowell, the ward’s alderman, told Bisnow in a statement. “We need more affordable housing in the city, and I work to ensure all options are available for people who want to live in the ward.”
Renters who are looking for affordable options in the area will soon have two new buildings to consider. Mercy Housing is set to spearhead a two-building affordable residential development at 1801 South Wabash Ave. and 1800 South Michigan Ave., Chicago YIMBY reports. The buildings are in close proximity to the CMK project.
