According to Crain’s Chicago Real Estate Daily, Marc Realty Residential has acquired the vacant 7-story office building at 2036 S Michigan Ave in the southern stretch of the South Loop near McCormick Place.
Marc didn’t disclose its plans for the 146,088 square foot loft building, which Crain’s described as “poised for conversion to housing.” Marc has offered 50,000 square feet on the first two floors of the building for lease or purchase.
We’ve added the site to our ever-growing list of new downtown apartment projects.
JK Equities is converting the loft building at 2100 S Indiana into 54 apartments. A little over a year ago we reported that The Lex, a condo turned rental at 2138 S Indiana, had rented a third of its 329 apartments in a month. The building was 69% leased as of last September.
Two additional high-rises in the immediate area garner little attention due to their status as income-restricted affordable housing: Habitat’s Long Grove House at 2001 S Michigan, and Metroplex’s 2101 South Michigan Apartments. They can be a bargain for anyone who meets the income requirements, which vary by household size.
You can see all of your market-rate managed-building rental options in the South Loop on our availability list, which is updated weekly.
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