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Chicago's thriving and rapidly gentrifying West Loop neighbourhood will receive 300 luxury rental units in 2017 as building construction at 1035 W. Van Buren surpasses the first floor. Rich in post-industrial warehouses that have since been converted into airy lofts, vibrant restaurants, hopping nightclubs, and fascinating art galleries, the rectilinear tower fits well within the neighbourhood's established urban fabric.
The project finally fills a sizeable cavity in the streetscape that would have vanished had previous plans for a condominium — which fell victim to the recession — come to fruition. Instead, Related Midwest, the Chicago branch of the Related Companies, has partnered with New York architect Morris Adjmi to bring a 30-storey residential tower to the address.
Renderings for the development show a hulking parking podium topped by amenities, including a large outdoor terrace with ample landscaping. Many of the building inhabitants will likely work in the nearby Illinois Medical District, which is located across the Eisenhower Expressway. They'll also be in the midst of the dynamic selection of restaurants and nightclubs that Randolph Street has to offer.
Chicago's hot rental market is pushing developers to focus on new downtown highrises. Speaking to its strength, consulting firm Appraisal Research Counselors says the city can expect 8,400 apartments to come online by the end of 2017. The demand for apartments has been bolstered by robust downtown employment and a growing preference by young professionals for rental over condominium units.
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