X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Construction on two more South Loop multifamily rental developments could begin as early as next year. Plan commission members recently recommended approval of two projects, a 120-unit apartment building with 46 hotel rooms at 12th Street and Indiana Avenue as well as a 192-unit building at 1708-38 S. Indiana Ave.

Financing for both are not concrete. Gerald Fogelson, developer of the Central Station neighborhood, says he is working on a letter of credit for the $60-million building at 12th and Indiana, which would include office and retail uses as well on the lower floors of the 20-story structure. Meanwhile, Bernard Citron of 17th & Indiana LLC says lenders were hesitant to begin talks until the group won city approval. Matias Graf of the John Buck Co., a member of the development group, indicated 98% financing was being sought.

Rents in the 17th and Indiana building would run about $2,000 a month for a 1,000-sf apartment.

Both projects won the endorsement of the South Loop Planning Association and 42nd Ward Alderman Burton Natarus. “In this city, there is a need for rental,” Natarus says. “I think the rents are a little high, but there may be some professionals from inside and the city and outside who would be willing to pay it.”

Natarus praised Fogelson’s Central Station project, noting the developer saw something in the largely vacant parcels of land 20 years ago that others failed to see.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.