CHICAGO—The South Loop is getting ready for another residential tower as developers move to satisfy the intense demand for luxury units adjacent to downtown. CA Residential LLC, the multifamily investment and development division of Chicago-based CA Ventures, has just commenced construction on a 320-unit mixed-use development at 1136 S. Wabash Ave. Chicago-based The Habitat Co. will manage the project, which CA Residential and its joint venture partner, Chicago-based K Giles LLC, plan to deliver in May 2018.

The CTA Roosevelt station, which serves the CTA's Red, Green and Orange lines, is just a few steps away, and allows neighborhood residents to get downtown in minutes. That perk has helped fuel an explosive growth in luxury housing. Golub & Co. and CIM Group just opened their new 40-story, 397-unit multifamily residential tower one block over at 1001 S. State St. And this summer, JDL Development celebrated the grand opening of 1000 South Clark, its new 469-unit luxury apartment tower.

“The South Loop is one of the city's fastest-growing neighborhoods and we believe demand for housing in this area will only continue to increase as development pushes farther south,” says JJ Smith, chief operating officer of CA Ventures. “With 1136 South Wabash, we'll be able to transform an underutilized parking lot into a modern mixed-use development that will appeal to a wide range of renters by offering a mix of unit sizes, lifestyle-oriented amenities and an unparalleled location at the epicenter of all the South Loop has to offer.”

“Companies relocating from the Chicago suburbs to downtown are boosting employment in the city, while long commutes are motivating renters to move into the urban core,” according to a recent Apartment Market Research Report by Marcus & Millichap. “As such, apartments within an easy commute into downtown are highly sought after.”

When complete, CA Venture's 26-story tower will include 5,000 square feet of street-level retail and parking for 141 vehicles. Residences at 1136 South Wabash, located on floors six through 25, will include 160 studios, 80 one-bedroom/one-bath units and 80 two-bedroom/two-bath units, with floor plans ranging in size from 389 to 1,027 square feet.

Each apartment will feature high-end kitchens with contemporary cabinetry, quartz countertops with glass tile backsplash and stainless steel appliances; full-height, ceramic wall tile in baths; Grohe plumbing fixtures throughout; and in-unit washer and dryer. Floor-to-ceiling windows will showcase sweeping views of the downtown skyline and Lake Michigan from nearly every residence. Select units will also feature private balconies.

“We've learned that renters want all of the amenities and high-end finishes that today's luxury apartment towers have to offer but at a more attainable price point,” says Smith. “With units starting under $1,500 per month, 1136 South Wabash will present a relative value compared with other newly developed residential communities in the South Loop.”

In addition to well-appointed residences, 1136 South Wabash will boast more than 22,000 square feet of amenity space, including a rooftop deck with multiple landscaped terraces, seating areas, and an outdoor pool and spa. The building's fifth floor will house a state-of-the-art fitness center and yoga studio; business center; meeting pods; entertainment suite; media and gaming rooms; pet grooming station; and outdoor dog run.

Residents will also enjoy the convenience of nearby restaurants and retail, including a Trader Joe's grocery store across the street from the building. And, more than 300 acres of green space will be within walking distance of the community.

“1136 South Wabash is located just north of Wabash and Roosevelt, the heart of the vibrant South Loop neighborhood,” says Keith Giles, principal, K Giles LLC. “There is no other property in the neighborhood that compares to this location with its convenient access to the neighborhood's most popular shopping, dining and entertainment destinations, not to mention it's just steps from Grant Park, the Museum Campus and Lake Michigan.”

Lendlease will oversee construction of the Solomon Cordwell Buenz-designed tower.

Instant Insights /

South Loop Getting Another Apartment Tower

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