Related Midwest and Pizzuti are teaming up on a plan for a 351-unit apartment complex in the West Loop, betting that the Chicago multifamily market’s hot streak will continue.
The 26-story building at 1061 West Van Buren Street would rise next to a 300-unit rental project Chicago-based Related finished in 2017, according to Crain’s.
Columbus, Ohio-based Pizzuti, known mostly in the Chicago area for industrial development, five years ago proposed a 432-unit tower on the site that never materialized.
The strong Downtown job market has helped drive demand for apartments in the past few years, boosting occupancy rates and rents.
But a surge in new inventory is predicted in the next two years, with some estimates predicting 8,400 new rental units coming online by the end of 2020.
And that doesn’t even include apartments proposed in a handful of megaprojects in the works around the city, including Related’s own The 78 in the South Loop and its two-tower project on the site of the abandoned Chicago Spire project in Streeterville. [Crain’s] — John O’Brien