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CHICAGO-Happy with its success at 700 W. Van Buren St., Keating Development Group is building another multifamily condominium project three blocks west. project will be an 11-story building with 68 condominiums priced up to $660,000 on the top seven floors, three floors of parking and retail spaces at ground level.

Most of the units will be one-bedrooms, as Keating hopes to reach the first-time and single homebuyer markets in an area that includes the University of Illinois-Chicago and the hospital complex.

“It’s important for young professionals, students at UIC, and employees at the area hospitals to have an opportunity for homeownership in this neighborhood,” says Keating Development Group vice president Keith Keating.

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

“Many buyers who purchased loft conversions in the West Loop just a few years ago are now seeing a return on their investment and are purchasing move-up homes in the neighborhood,” says Concord Homes executive vice president Roger Mankedick.

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