Another South Loop Apartment Project Enters the Pipeline
The South Loop continues to be one of the hottest submarkets in Chicago. Developer Keith Giles revealed plans last week for a 24-story apartment tower on South Wabash, near where cranes are already in the air building other multifamily projects.
The proposed building at 1136-40 S Wabash would feature 320 units, more than half of them micro-apartments. Giles' proposed site is a city-owned parking lot, but he believes there's a market for micro-units for young people in the area seeking rents under $2,000 a month, DNAInfo reports.
The South Loop has seen a flurry of activity this year and developers are hopping aboard the bandwagon. Developers have proposed 10,142 housing units and 2,500 hotel rooms in the area this year. If the city grants approval for all of these, one has to wonder when and if there's a bubble growing in the South Loop.
