Five years ago there were fewer than 200 rental apartments in the Loop north of Madison St, at MDA City Apartments. Since that time nearly 1,900 apartments have become available at Randolph Tower, 215 West, Oakwood 200 Squared, 73 East Lake and OneEleven .
Construction is underway on 432 units at 200 N Michigan and 230 units are on the drawing boards at 32 W Randolph. Late last week Crain’s Chicago Real Estate Daily reported that CIM Group is moving forward on 694 units at Block 37.
When all of these projects are complete the North Loop will have more than 3,400 apartments, a 16-fold increase over 5 years ago.
Will all of the new apartments be absorbed? Of course they will, but it remains an open question how quickly that will happen, whether they’ll achieve their target rent levels, and what impact they’ll have on rents and occupancy levels in neighboring markets.
You can see all of the new apartment projects that are proposed or underway in downtown Chicago on our at-a-glance list.