Rebound isn’t always a bad thing, at least when it comes to real estate. We’ve been whispering about a rental rebound for months now, with new construction previously focused squarely on condominiums and condo conversions taking even more apartments off the market. Just to prove our speculation right (we’re sure), AvalonBay plans to build a new-construction high-rise rental development in Edgewater, where Sheridan Road meets Lake Shore Drive, according to an article in Crain’s Business Chicago. The 30-story building would house about 370 units, though the project is still in its earliest stages. AvalonBay owns six properties in the suburbs and this would be its first in the city.
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