Sulo Development wants to build a much larger condo project in the West Loop than originally planned, amid growing demand from people wanting to buy rather than rent.
The Chicago developer planned a nine-story building with 28 units at 19 North May Street, but now is asking the city to expand it to 18 stories and 73 condo units, according to Crain’s. The building is near another Sulo project under construction that has 27 of 28 units under contract.
Sulo will require City Council approval for the change in plans.
The Chicago market has been dominated by rentals in recent years, but a growing number of condominium projects are in the works as developers address buyers’ demand.
Curt Bailey, president of Related Midwest, told The Real Deal this week the condo market is poised for a comeback despite the financing challenges projects face versus rental projects.
Related is developing 36-story condo tower at 170 North Peoria Street in the West Loop after twice reducing the proposed height of the building to win community approval.