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JK Equities plans 39-unit resi building on Near West Side
The New York-based firm behind 1000M in the South Loop bought the Monroe Street property in June
New York-based JK Equities plans to build a 39-unit residential building on the Near West Side.
The city’s buildings department began reviewing a permit application for the seven-story complex at 1400 West Monroe Street earlier this month, according to public records.
JK Equities paid $6 million to acquire the roughly 14,500-square-foot property in June, according to Cook County property records.
The building, which faces the seven-acre Skinner Park and Whitney Young Magnet High School near the west edge of Fulton Market, wouldl include two- and three-bedroom units, according to the firm’s website. The developer wants to demolish the five-story Monroe Pavilion Nursing and Treatment Center to make way for the new structure.
JK Equities’ portfolio also includes three South Loop developments: the 74-story 1000M tower, an 8-story loft building next to it and a redevelopment of the Vesta Battery Corporation Headquarters at 2100 South Indiana Avenue.
Shapack Partners last month bought a 27,000-square-foot property at 224 North Ada Street, and principal Jeff Shapack predicted the neighborhood’s building boom would soon spread to its western half.
Sterling Bay acquired 2.2 acres in the area in August and invited Metra to build a new station there.