West Loop apartment tower poised for January start

Bids are being solicited for the construction of a 28-story, 227-unit apartment tower at 171 N Halsted St in the West Loop.

The project, which will include ground-level retail space and 162 parking spaces, has an estimated start date in mid-January of 2015. Booth Hansen is the architecture firm for the full-amenity building.

The development team includes Shapack Partners, Focus Development and Atlantic Realty Partners.

We’ve updated the status of the development on our list of new downtown apartment projects, and are slating it for completion in 2016.

We’re currently estimating that the downtown Chicago market (Lake Michigan west to Ashland Ave and the Stevenson Expy north to North Ave) will add 3,912 new apartments next year and 5,759 in 2016. A recent report on job growth in the downtown area is an indication that the apartment market may not be as overbuilt as some have speculated.

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