CHICAGO—Property Markets Group, a New York-based firm that has launched luxury residential developments in hot neighborhoods like SoHo and others in South Florida, now has two projects ready for both University Village and Logan Square. Company officials recently presented plans at a community meeting for a new $35 million residential development next to the University of Illinois at Chicago's campus at 1350 S. Union Avenue in University Village.
The new residential development, designed by Chicago-based architects Brininstool +Lynch, will consist of a U-shaped building connected by a courtyard and include a total of 130 residential units, 70 parking spaces and a 500-square-foot ground-level retail area.
“PMG-Chicago's development strategy focuses on neighborhoods that attract the city's new class of young affluent renters,” said Noah Gottlieb, senior managing director of PMG. “We are building luxury product in areas that have not seen new multifamily development but are close to large employment drivers and well served by public transportation.”
PMG also just unveiled plans for a 120-unit luxury apartment building at 2211 N. Milwaukee Ave. in Chicago's Logan Square neighborhood. The firm recently changed designers for this project, hiring Brininstool+Lynch for this project as well. Although the plan has shrunk down from 135 units, the project, if built, will feature luxury finishes and amenities typically found in downtown hi-rises, making it something of a departure for the gentrifying neighborhood.
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