Developer plans apartments for West Loop

Last week we noted that attached homes in the West Loop tend to stay on the market longer than their citywide counterparts, according to Multiple Listing Service of Northern Illinois statistics.

That’s why we found it interesting that developer Robert Horner of Winthrop Properties LLC has decided to build an apartment building instead of a condo high-rise in the West Loop, according to a Crain’s Chicago Business article.

The $80-million building, at 1035 W Van Buren St, will have 325 units, according to the article. It’s slated to break ground in the fall.

Horner told Crain’s that he made the switch because in slower market conditions, it’s easier to sell apartments than condos, which he feared would have a longer presale period.

This is the second big announcement we’ve heard about an apartment tower going up in or near the  Loop: Midwest Property Group has plans to build a 43-story apartment building with 329 units at the northwest corner of Lake and Wells streets. Are apartments the wave of the future downtown? Click on comments to let us know what you think.

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