New apartment tower proposed for State and Chestnut

The drumbeat of new apartment announcements in downtown Chicago continues, and we’ve updated our list and tally of them accordingly.

Crain’s Chicago Real Estate Daily reported yesterday that Newcastle Ltd is purchasing the southeast corner of State and Chestnut from Loyola University Chicago and plans to build a 35-story building with 367 apartments and ground-level retail on the site. The site is partially outlined in red at the lower left of the aerial photo to the right. You can click on the photo for a larger view.

Crain’s reports that the property is in a Gold Coast location. The Gold Coast would dispute that, and Newcastle isn’t quoted as asserting it, but rather as pointing out the location’s readily apparent amenities and advantages.

One advantage a 35-story building in this location will lack is views from most of its units.

You can see more of YoChicago’s aerial photographs at Flickr.

You can stay abreast of the reports on new apartment construction from 100s of local, regional and national sources at our Chicago real estate news page.

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