A pair of planned high rises are set to join downtown's Chicago's seemingly inexhaustible apartment tower boom, which is due to add 3,000 new units to the market this year and 5,000 in 2016.
A venture of Chicago developers Ryan Cos. U.S. And Lincoln Property Co. indicated last week it is prepared to begin construction on a 31-story luxury tower after securing an $88 million construction loan and investment from equity partner Daiwa House Group, an Osaka, Japan-based investment and development firm. Terms of the financing agreement were not disclosed. The developers, who held a ceremonial groundbreaking on July 24, are siting the 371-unit structure on a 41,000-sq-ft parcel in Chicago's Goal Coast neighborhood, on the corner of Clark and Chestnut streets. The project, named 833 North Clark Street Apartments, is due open in early 2017.