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Chicago

Riverside, Blue Star propose 198-unit West Loop building

Mixed-use development at 566 West Van Buren Street would also include retail

Riverside's John O’Donnell and Blue Star's Tyler Quast with rendering of 566 West Van Buren Street (Riverside Investment & Development Company, LinkedIn, Antunovich Associates)
Riverside's John O’Donnell and Blue Star's Tyler Quast with rendering of 566 West Van Buren Street (Riverside Investment & Development Company, LinkedIn, Antunovich Associates)

Chicago developers Riverside Investment & Development and Blue Star Properties are teaming up to construct a 198-unit apartment building in the West Loop, adding to the area’s building boom.

The mixed-use development proposed for 566 West Van Buren Street will also include 2,500 square feet of retail space on the ground floor, Downtown-area Alderman Brendan Reilly (42nd) told constituents in a newsletter.

The proposal is an as-of-right development, meaning the plans conform to existing zoning rights that govern the property, so it doesn’t need Reilly’s approval. The site holds two two-story retail buildings and a 90-space surface parking lot.

Reilly’s newsletter said the proposed building’s brick and glass facade was designed by Antunovich Associates to fit in with other structures in the West Loop. It will include a rooftop pool, a dog run and spa and a bike lounge and have studio, one-bedroom and two-bedroom apartments ranging from 494 to to 1,127 square feet.

Riverside’s footprint in the West Loop already includes Class A office towers at 150 North Riverside Plaza and 110 North Wacker Drive. A 50-story office tower at 320 South Canal Street, adjacent to Union Station, is also part of the firm’s portfolio.

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Full-service real estate company Blue Star’s past projects include redeveloping the former riverfront Morton Salt facility and other urban retail and office properties.

The proposed apartments join the more than 9,000 that are already proposed or in the planning process for the West Loop, though increased mortgage rates make it unclear how many of those projects will come to fruition. Much of that development is within the Fulton Market District, where at least 19 multifamily developments are planned or under construction.

Chicago’s median asking rent in May 2022 was $2,454, a 6.6 percent increase over the same time last year, according to data from Redfin.

Last year, Riverside scrapped plans that were six years in the making to build an office and residential complex at 700 West Chicago Avenue in a joint venture with Nexstar amid a tanking office market.

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ChicagoDevelopmentWest Loop