Draper & Kramer launches long-delayed apartment project near McCormick Place

The Chicago firm’s complex at 2111 South Wabash will add 275 units to the South Loop’s crowded multifamily market

Feb.February 25, 2019 04:00 PM

Todd Bancroft and 2111 South Wabash

Draper & Kramer started work on an apartment complex near McCormick Place that won City Council approval in 2016.

The Chicago developer is building the 24-story, 275-unit building at 2111 South Wabash Avenue, but is holding off on a 144-key extended-stay hotel it has city approval to build next door, according to Crain’s.

Draper & Kramer secured a $69 million construction loan for the project from a subsidiary of Germany-based Landesbank Hessen-Thuringen Girozentrale, according to Cook County property records.

An executive from Draper & Kramer told Crain’s that the firm was waiting for other development to take place around McCormick Place before launching the project. In addition to the Wintrust Arena sports complex, the area has seen a number of other improvements, including two large hotels that could have contributed to the firm’s decision to postpone the hotel portion of the development.

But the new apartments will have their share of competition as well, as developers are on pace to open about 4,400 new apartments in the city this year, a post-recession record. Nearly half of those units will materialize in the South Loop, where the 800-unit NEMA Chicago, the 479-unit Essex on the Park and the 500-unit tower at 1326 South Michigan Avenue are all speeding toward completion.

And just a few blocks from the Draper & Kramer site, at the location of the former Ickes public housing complex, McCaffery Interests and the Community Builders are planning 900 new apartments and townhomes. [Crain’s]John O’Brien

Related Articles

Lendlease's Ted Weldon with No. 9 West Walton and One Bennett Park (Credit: iStock , JDL, Highrises)

Lendlease’s head of Chicago development talks urban regeneration, building a community within a complex and more

From left: Jim Loewenberg, David Carlins and Joel Carlins

Keeping it in the family: Magellan co-founder’s son becomes CEO

Kyle Glascott and the Green Dolphin nightclub

Glascott Realty picks up troubled site near Lincoln Yards for $4.7M

Elston Avenue retail complex and Baker Development President Warren Baker (Credit: Google Maps)

Baker Development lands $70M refi on Kohl’s-anchored retail complex

Stockbridge Real Estate CEO Stephen Pilch

Stockbridge Capital makes big bet in suburban industrial stronghold

One Lincoln Centre and Balfour Pacific CEO Mark Scott (Credit: Google Maps, iStock)

Blackstone unloads large office complex at slight discount

905 West Fulton Market and DineAmic founders David Rekhson and Lucas Stoioff (Credit: Thor Equities)

Prime & Provisions owner inks lease for new restaurant in Fulton Market

Orland Park landlord sued for housing discrimination (Credit: iStock)

Orland Park landlord sued for racial discrimination