Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Parkline Chicago Switches Condo Units to Rentals as Downtown Market Heats Up
Parkline Chicago developer Moceri + Roszak has completed construction on the Loop residential tower’s 24 condominium residences and will now lease those units as ultra-luxury apartments to capitalize on the booming downtown apartment rental market. Named the “Penthouse Collection,” the 24 high-end apartments sit atop 189 rentals that reached full lease-up in July.
“When you look at the data on the recent lease-ups in the Chicago area and the tremendous success we’ve had leasing our existing apartments at Parkline since we started in February 2021, it makes sense to shift our for-sale condos to ultra-luxury rentals,” said Thomas Roszak, FAIA, partner of Moceri + Roszak and principal of Thomas Roszak Architecture, Parkline’s architect.
He added, “The valuation of the building simply has greater potential with the upper-level residences renting as penthouse apartments rather than being on the market as condos. The shift is a logical, calculated business decision.”
- ◦Development

