Most of the units will be one-bedrooms, as Keating hopes toreach the first-time and single homebuyer markets in an area thatincludes the University of Illinois-Chicago and the hospitalcomplex.

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"It's important for young professionals, students at UIC, andemployees at the area hospitals to have an opportunity forhomeownership in this neighborhood," says Keating Development Groupvice president Keith Keating.

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Besides Keating's nearly sold-out Platinum Tower at 700 W. VanBuren, its latest development will compete against units beingbuilt on the opposite corner at 933 W. Van Buren St. by Palatine,IL-based Concord Homes. There, 180 loft condominiums are beingbuilt. However, those units range up to three bedrooms, and$366,559 in price, targeting the move-up market.

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"Many buyers who purchased loft conversions in the West Loopjust a few years ago are now seeing a return on their investmentand are purchasing move-up homes in the neighborhood," says ConcordHomes executive vice president Roger Mankedick.

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