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CHICAGO—Residents of the West Loop will hear the sounds of construction all this year and the next, but at least until the market gets on an even stronger footing, it’s luxury rentals, and not condos, that will rise over the neighborhood. Yesterday, for example, Chicago-based Ascend Real Estate Group, Chicago-based Team4 Development LLC and Boston-based Intercontinental Real Estate Corp. held the official groundbreaking of The Madison at Racine, a nine-story, 216-unit, luxury apartment building at corner of Madison Street and Racine Avenue. The firms formed a joint venture with the Intercontinental US REIF fund to develop the project.

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