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CHICAGO-Rather than another condominium building, a 278-unit multifamily rental building is slated for the southeast corner of 14th and State Street. “There’s a need for it,” Dallas-based Lincoln Property Co. senior vice president Brian Byrne tells GlobeSt.com.

Lincoln Property Co.’s $60-million project was endorsed recently by the plan commission, which also blessed construction of another 260 condominiums in the 1300 block of S. Michigan Avenue. The latter building is the latest addition to the massive Central Station project, which has fueled the South Loop development boom. Most multifamily buildings constructed or under construction are condominiums, however.

The one- and two-bedroom units will range from 790 sf and 1,075 sf, and are expected to command rents ranging from $1,600 a month to $2,000 a month. The two-parcel, 40,323-sf site is under contract, Byrne says, with a closing expected by the end of the year. Financing is in place, he adds, and the 22-month construction job is expected to begin early next year.

The 22-story rental building will have 4,000 sf of ground-floor retail space as well as a three-story, 195-space parking garage. In addition, Lincoln Property Co. is turning an 8,800-sf lot across 14th Street into a gated park for residents of the building, according to the department of planning and development.

“We’ve had a number of occasions to review this project,” says Near South Planning Board president and executive director Bonnie Sanchez-Carlson, voicing support for the building proposed for 1401 S. State St. “We appreciate the developer’s decision to re-evaluate the parking.”

Lincoln Property Co. has nine multifamily projects in the suburbs, including three in Naperville and two in Schaumburg. The company also has holdings in Bolingbrook, Villa Park, Willowbrook and Yorkville. The Villa Park property is the conversion of a former Ovaltine factory into 344 one- and two-bedroom loft apartments.

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