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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.

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