ChicagoDowntown / Loop

Yet another Near North apartment tower proposed

by Joe Zekas on 6/20/13

Crain’s Chicago Real Estate Daily is reporting that an Oregon-based developer has acquired a parcel at 625 W Division and plans to begin building an 18-story, 240-unit apartment tower later this year.

The panoramic view above was shot nearly two years ago from a fourth-floor balcony at a Parkside of Old Town mid-rise, two blocks east of 625 W Division. The skyline views from the higher floors of the new tower should be spectacular.

We’ve added 625 W Division to our at-a-glance list of new downtown Chicago apartment projects.

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{ 2 comments… read them below or add one }

CaptainVideo June 20, 2013 at 4:55 PM

Note that this developer wants to build a market rate rental apartment virtually across the street from where 1/3 shares CHA housing is scheduled to be built (although a store (Target?) is directly accross the street). That would tend to indicate that the presence of these projects will not prevent the development of market rate buildings surrounding the area. (Although one case is not enough to make a definitive generalization.)

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Joe Zekas June 20, 2013 at 6:11 PM

CaptainVideo,

The subsidized housing in this area hasn’t been a barrier to market rate development to date. I don’t see any reason why that would change.

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