Late in September 2013 a building permit was issued for the construction of an 11-story, 104 unit addition adjacent to the existing loft building. The completed development will have 149 units and 130 parking spaces.
The existing loft building has a mix of 1- and 2-bedroom apartments. There are 10 different 1-bedroom floor plans, two of which have a separate den area and five of which have a balcony. One of the eight 2-bedroom plans has 1 ½ baths and the rest have two full baths. All but one of the 2-bedroom plans have a balcony.
A number of the bedrooms have borrowed light and ventilation rather than windows, and closet space appears to be an issue in a number of the plans, which feature only a single closet.
One-bedroom rents as of late September 2013 started at $1,400 a month and starting prices for 2-bedrooms ranged from $1,850 to $3,200. All of the apartments have in-unit washers and dryers. The kitchen appliance package is stainless steel and includes a built-in microwave and gas range.
Apartments in the existing building have a true loft aesthetic, with high ceilings, exposed brick and ductwork, large windows and hardwood floors. The construction was concrete rather than timber, an advantage for minimizing sound transmission between floors.
Floor plans and details of unit finishes for the new building are not yet publicly available.
Views. Most of the surrounding development doesn’t rise above 4- or 5-stories in height, so east-facing upper-floor units at 123 North Madison should enjoy good views of the Loop and near north skyline.
Amenities, services, policies
Amenities in the existing loft building are limited to a fitness room and a laundry.
The amenities package in the new building is likely to be more extensive but is not yet public.
The building accepts pets, with a limit of one pet weighing not more than 40 pounds.
123 North Sangamon is located on a pedestrian-friendly stretch of Madison Street lined with low-rise buildings, bars, restaurants and local service establishments. It’s a pleasant environment with a neighborhood feel.
Walk Score gives the location a “Very Walkable” score of 88 and an “Excellent Transit” score of 89. The location is far more pedestrian-friendly than sites that have been assigned higher scores by Walk Score.
Shopping. Residents at 123 North Sangamon have a good variety of grocery shopping options.
The recently-opened Mariano’s, half a dozen short blocks southeast of the building, has been generating a lot of positive buzz and drawing crowds to a large selection of prepared foods and craft beers. Jewel-Osco and Dominick’s also have locations nearby.
There’s a new Target half a dozen blocks southwest of the building.
Dining, nightlife. The West Loop is an almost indescribably-rich dining and nightlife venue, and 123 N Sangamon has great proximity to the best of it.
The thriving Randolph Street restaurant corridor is half a block north of the building and Greektown is a few blocks southeast.
Parks, recreation. The location has limited proximity to public parks and recreational opportunities.
Mary Bartelme Park, a few blocks south, is a neighborhood favorite for kids and dogs.
Transportation. Public transportation is excellent. The building is two blocks from the new CTA Pink and Green Line stop at Morgan.
A number of CTA bus routes serve the area along Madison St, a block south of the building. The Halsted St bus, 3 short blocks east, connects to the Blue Line stop at Grand Ave for transit to O’Hare Airport.
The West Loop apartment market is poised to become very competitive by the time the new building at 123 North Sangamon opens late next year.
123 North Sangamon’s most direct competitor is likely to be The Madison, which is slated for occupancy next year. The building will also compete with the recently-opened K2, 365 N Halsted, 13Thirteen, 1313 W Randolph, and with Catalyst and Arkadia, two new projects opening next year that enjoy closer-in West Loop locations.
Rentals are typically available in a number of nearby condo buildings, sometimes at sharply lower rents than in the managed apartment buildings.
You’ll find additional tips and options at our Guide to renting in Chicago’s Near West neighborhoods and our at-a-glance list of downtown Chicago apartments.
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