West Loop Seeing More Residential and Commercial Development
River North has long been home to some of the city’s top luxury Chicago apartment buildings, and thanks to Chicago’s flourishing technology industry, the neighborhood has also become a breeding ground for tech companies.
Centered around the Merchandise Mart, Chicago’s tech industry has seen significant growth in recent years. The city’s digital startup incubator, 1871, opened in the Merchandise Mart in 2012, and this month thousands of employees from Motorola Mobility will be joining the ranks of River North tech workers, as the company completes it move from Libertyville to downtown Chicago.
But as Crain’s Chicago Business reports, several of the city’s tech startups that would have been scouring River North for office space just a few years ago are now moving into the city’s West Loop and Near West side. They are following cheaper rents, open floor plan office space, and the industry’s 800 pound gorilla, Google, which recently announced that it is relocated from 20 W. Kinzie in River North to 100 W. Fulton in the West Loop. Twitter also announced they will be opening an office at 111 N. Canal.
The westward march of Chicago’s technology firms has the potential to reshape the city’s booming luxury apartment market in the West Loop and Near West Side. Several high-rises are already under construction or planned along the Kennedy Expressway, but we expect to see more low-rise, luxury properties being developed as renters look for unique buildings that lack the amenities of a downtown high-rise but fit the character and scale of the neighborhood’s industrial past.
In March, Luxury Living Chicago will be on the forefront of this expansion in the luxury apartment market when we begin pre-leasing for Madison Aberdeen Place (20 and 22 N. Aberdeen). These two 27-unit properties offer some of the highest quality upgrades and finishes available on the rental market today, in a small, intimate setting that immerses residents in the neighborhood. Every unit features an outdoor space or private rooftop patio that offers unobstructed views of the city. All of this is just steps away from a growing list of neighborhood restaurants, bars, cafes, and office spaces that will make the West Loop the city’s must-have neighborhood.
For more information about Madison Aberdeen Place, visit www.westloopluxuryapartments.com.
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