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West Loop on the Verge of Apartment Development Boom
The West Loop is poised for an influx of new apartment supply comparable to no other neighborhood in downtown Chicago, Crain’s Chicago Business reported. Citing data from Integra Realty Resources, Crain’s reported that 9,056 units are planned for the West Loop, more than the total for all other downtown neighborhoods combined.
“It’s a pretty staggering amount,” Matt Letourneau, president of Neighbors of West Loop, a residents’ group, told Crain’s. “We often ask questions about whether there are enough tenants” to fill all those apartments.
Developers say yes, especially in the Fulton Market District, a section of the West Loop which has seen an explosion in the number of proposed apartment projects in the past year or two. With financing in place, Sterling Bay this week is breaking ground on a 30-story building at 160 N. Morgan St., one of at least 19 multifamily developments planned or under construction in the former meatpacking district.
- ◦Development
