JK Equities launching another condo project amid rental-heavy market

The firm behind the massive 1000M project in South Loop has plans for a smaller development farther west

Chicago /
Mar.March 07, 2019 01:00 PM

JK Equities founder Jerry Karlick and a rendering of the condo project

In a market where most developers are adding rental projects, JK Equities is doubling down on condos.

The New York firm plans a seven-story, 42-unit condo building in at 1400 West Monroe Street in the West Loop, according to Curbed. JK paid $6 million for a five-story nursing home on the property in June, according to Cook County records.

The Chicago market is in the middle of an apartment boom that’s not expected to end anytime soon, and the West Loop is no exception. But JK President Jerry Karlik said condos are still in demand, especially with millennials.

The building will be a mix of two- and three-bedrooms ranging from 1,200 to 2,000 square feet and starting at $600,000. JK has applied for permits for the project, and construction is expected to start later this year and take about a year.

The project will join a five-story condo building under construction at 14 North Bishop Street in the West Loop.

JK is teaming up with Time Equities and Oak Capitals on the 74-story, 421-condo unit 1000M on the south end of Grant Park. The developers recently decided to devote seven floors in the project to smaller units to boost sales, and delivery is now expected in mid-2021. [Curbed]John O’Brien


Related Articles

arrow_forward_ios
Mansions at 980 N. Green Bay Road and 55 E. Onwentsia Road in Lake Forest, which both sold this month. (Redfin)
Lake Forest luxury market notches priciest sale in 3 years
Lake Forest luxury market notches priciest sale in 3 years
Downtown buyers also enter a revitalizing urban core, as Chicago has entered the final phase of the state’s reopening plan. (iStock)
Downtown condo market heats up as city reopens
Downtown condo market heats up as city reopens
Juanita Vanoy and the Chicago Property. (Getty, Google Maps)
Michael Jordan’s ex-wife lists Chicago mansion for $5 million
Michael Jordan’s ex-wife lists Chicago mansion for $5 million
1239 N. Wood Street (Compass)
Century-old Wicker Park mansion lists for record price
Century-old Wicker Park mansion lists for record price
Alison Victoria Gramenos and 1831 N Paulina Street (Getty, Redfin)
“Windy City Rehab” star relists Bucktown home after legal spat
“Windy City Rehab” star relists Bucktown home after legal spat
Muddy Waters and 4339 S. Lake Park Ave., Chicago (Getty, Google Maps)
Muddy Waters mojo may get his Chicago home landmarked
Muddy Waters mojo may get his Chicago home landmarked
Home sales in the Chicago region have been on a months-long hot streak. (Getty)
April showers: Chicago-area home sales outpace pre-pandemic numbers
April showers: Chicago-area home sales outpace pre-pandemic numbers
At left, 1820 N. Howe Street before its May 2020 sale. And after. (Google Maps, Jameson Sotheby's)
In Lincoln Park, new listing follows demolition of old homes
In Lincoln Park, new listing follows demolition of old homes
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...