WEST LOOP — Construction has begun on two apartment buildings that will bring more than 500 new units to the border of the West Loop and Near West Side.
Developer Marquette Companies, Mayor Lori Lightfoot and Ald. Walter Burnett Jr. (27th) gathered Thursday to break ground on a 26-story building at 1400 W. Randolph St., which will include 278 luxury apartments and ground floor retail. Just across Union Park, at 1454 W. Randolph, an 11-story building will include 243 apartments.
More than 100 of the units will be designated as affordable housing.
Lightfoot said the groundbreaking is a testament to the city’s resiliency in the face of its greatest public health and economic crisis.
“These two projects will generate 500 jobs during the construction phase. And once completed, they will provide over 500 units for people to call home, 103 of which will be designated affordable units,” Lightfoot said.
Lightfoot said the Fulton Market District is the fastest growing, most diverse real estate market in the United States.
The project will generate $2.6 million for the Neighborhood Opportunity Fund, which will go toward investments in the South and West sides, Lightfoot said.
Last year, the Randolph apartment project faced opposition from community residents and Burnett, but it was ultimately approved.
Marquette President Darren Sloniger said the project’s prospects looked “bleak” after coronavirus spread to Chicago. Amid the economic downturn, a number of financial groups “stepped into the unknown” to finance the project, Sloniger siad.
Despite trying times, Burnett said development isn’t stopping in the area.
“We don’t give up … . Chicago keeps rising above the ashes,” Burnett said.
The two buildings are expected to be completed in 2022.
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September 18, 2020 at 03:58PM
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Developers Break Ground On 26-Story, 11-Story Apartment Towers In West Loop - Block Club Chicago
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