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CHICAGO-West Madison Developers LLC and New West Realty will be building a $40-million loft apartment structure in the booming West Loop neighborhood, the partnership says. Skytech Lofts will be located at 1501 West Madison.

“We are looking at projects all over the city,” says Chip Cornelius, developer and spokesman for the silent partners that make up the West Madison group. “There will probably be another major loft conversion announcement within the next 45 days”.

The new Skytech development will be a sister loft community to another, completed structure to the south. The high-tech lofts, which will offer the Hal-2000 voice-controlled home automation system, will be comprised of 146 simplex, duplex and townhome units at a price range of $439,000 to $580,900.

Co-developer New West Realty will be handling Skytech’s marketing.

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