Developers continue to crank out apartments by the thousands in downtown Chicago, but demand should be so strong that the market can handle it, according to a new forecast.
Developers have been especially busy in places like the West Loop and South Loop, and buildings in those neighborhoods could feel it this year. In the South Loop, Miami-based developer Crescent Heights this year will finish Nema Chicago, a 76-story, 800-unit skyscraper at the southwest corner of Grant Park. A venture led by Chicago developer John Murphy will wrap up a 500-unit high-rise a few blocks south, and Chicago-based Oxford Capital Group is on track to complete a 479-unit tower a few blocks north.