http://www.chicagobusiness.com/realestat...ore-apartments-slated-for-the-south-loop
December 31, 2014
202 more apartments slated for the South Loop
Dan Moceri, CEO of a technology company in Schaumburg, is part of a group planning to demolish this South Loop parking garage and build an apartment tower. Photo from CoStar Group Inc.
The South Loop has emerged as a crowded place for apartment construction, but a development group is wagering there's still room to build more rentals in the neighborhood.
A venture of Dan Moceri, CEO of Schaumburg-based Convergint Technologies, his son Michael, an architect, and Thomas Roszak, who leads his namesake Chicago architecture firm, want to tear down the parking garage at 600 S. Clark St. and build a 24-story, 202-unit apartment building, Michael Moceri said in an email. The garage is owned by a venture of venture of Chicago investor Arthur Holmer.
The pitch caps a busy year for new rental projects in the South Loop, which is seeing its fair share of apartment deals amid a construction boom expected to result in more than 3,100 apartments coming online downtown in 2015.
Meanwhile, the condo market is improving.
'OVERARCHING QUESTION'
“There is a broad question of just the overall demand in the cycle of development—where we stand. It's so hard to seemingly get a real barometer on what's going on. Is it still a rental market?” said David Crawford, co-founder at Chicago-based D2 Realty Services.
With the economy stabilizing, “is it starting to shift back to a condo market? That is the overarching question I ask myself.”
Crawford, whose firm owns property in the South Loop, said “there is a good deal of logic” for rental deals in the neighborhood, given its proximity to Loop workplaces, parks and other amenities.
New apartment projects in the neighborhood include the
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