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Chicago & Midwest  + Downtown  + Apartments  |  June 10, 2026
Jasmine Kilman
By: Jasmine Kilman

Riverside Investment & Development Breaks Ground on West Loop Multifamily Development

Riverside Investment & Development Company and its partners recently celebrated the groundbreaking of 566 West Van Buren, a new 12-story, 199-unit multifamily development in Chicago’s West Loop neighborhood.

The approximately $85 million project represents another major investment in the continued transformation of the Union Station corridor into a vibrant mixed-use district. Located one block west of BMO Tower and Union Station, the development builds upon Riverside’s broader investment in the area, including BMO Tower, the 1.5 million-square-foot office building anchored by a
1.5-acre public park.

Developed in partnership with Blue Star Properties, Atlantic Residential and Metropolis Investment Holdings, the project is being designed by Antunovich Associates and constructed by ClarkConstruction. Financing includes a $64 million HUD 221(d)(4) construction loan that converts to a 40-year permanent loan upon stabilization. The HUD 221 (d) (4) loan was originated by Draper and Kramer, and investment capital was provided by Richmond Capital. The project is targeted for completion in early 2027.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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