The Google-anchored 1K Fulton office development at Fulton and Morgan may be the start of a new upscale building boom that’s steadily taking up the West Loop’s leftover lots. And part of it—Madison Aberdeen Place—is the first of a big crop of under-construction projects to come to market.
A few projects are from one developer, Michigan Avenue Real Estate Group. The firm is doubling down on Aberdeen Place between Washington and Madison Streets, with like-designed four-story apartment blocks set to conquer the block. Two, at 3 and 4 North Aberdeen, opened fully leased last August. And now two adjoining buildings at 20-22 North Aberdeen are one month into pre-leasing in advance of July 1 occupancy.
The unit distribution is mostly one- and two-beds, with two studios, for a total of 54 apartments. Aaron Galvin, Managing Broker/Owner of Luxury Living Chicago Realty and the exclusive marketing and leasing broker for Madison Aberdeen Place, tells me the buildings are 65% pre-leased and on target for full pre-leasing by mid-May. “These are condo quality rentals, with marble and granite finishes and a lot more in-unit storage space than you’d expect,” says Galvin, gesturing to the model kitchen’s generous cupboards and bar station.
The model is a facsimile of a two-bedroom penthouse unit, of which there will be eight more. Each has a sectioned-off share of the rooftop, laid out cubicle-style with low fencing to encourage a communal vibe. Six of the new penthouses have two bedrooms and rent for $3,000 to $3,400/month. The one-beds are priced at $2,500, with only one remaining. Willing to trade roof for balcony? Move down a floor or two for a few hundred dollars in savings—every unit in existing and upcoming buildings has an outdoor space, whether a small inset balcony or a 340-square-foot terrace (with select second-floor two-beds). Each also has an assigned parking spot in the heated garage.
Tenants can choose white or espresso unit finishes. Marble shows up in the bathrooms, and bamboo on the living room and bedroom floors. Other perks include in-unit laundry and 10-11 foot ceilings.
Michigan Avenue is also at work on separate neighborhood projects: a 36-unit apartment block at Warren Street and Ashland Avenue that begins pre-leasing this fall, and another four-story pairing at 1237-1245 W Madison with 71 units.
In the same neighborhood, just around the corner, is the nearly topped-out Madison at Racine rental project. That will bring 216 high-rent households into the center of the neighborhood later this year. At Adams and Halsted, the 350-unit Arkadia Tower has climbed to more than half its full 33-story height. And, at Adams and Aberdeen, Belgravia Group is adding 89 condos to its multi-stage development of the block.
This is to say nothing of local hospitality rumblings: Soho House is due to open this August at Green and Randolph; there’s a confirmed plan for a boutique Nobu hotel and restaurant backed by Robert DeNiro on a parcel at Randolph and Peoria; and Sterling Bay is planning a 100-plus-room hotel adjacent to its 1K Fulton project.
2 months ago