East Loop apartment tower near groundbreaking
(Crain's) — Developers Tony Rossi and Tom Moran are getting ready to break ground on a 332-unit apartment tower in the East Loop, the ninth new rental project in a downtown construction wave that will test the market in the coming years.
Demolition crews have been tearing down existing buildings to make way for the new 42-story luxury apartment high-rise at 73 E. Lake St., and the developers are wrapping up the paperwork for their construction financing, says Mr. Rossi, president of Chicago-based M&R Development LLC. “We hope to have it buttoned up at the end of this month or the first week in June,” he says.
Mr. Rossi declines to disclose the project's lender or the size of the construction loan. In an earlier interview, he said the building would cost $116 million, or about $349,000 a unit. The venture Messrs. Rossi and Moran formed to build the tower acquired the development site in April for $12.2 million, county records show.
The project, called Summit on Lake, is the latest entrant in a downtown apartment building boom that began last year, spurred by rising rents and occupancies — and soaring apartment values.
[...]
Read more:
http://www.chicagorealestatedaily.c...tment-tower-near-groundbreaking#ixzz1vHKkd7tI
Stay up-to-date on Chicago real estate with our free, daily e-newsletter