South Loop May Get 312 Rental Units

CHICAGO-Construction on two more South Loop multifamily rental developments could begin as early as next year. Plan commission members recently recommended approval of two projects, a 120-unit apartment building with 46 hotel rooms at 12th Street and Indiana Avenue as well as a 192-unit building at 1708-38 S. Indiana Ave.

Financing for both are not concrete. Gerald Fogelson, developer of the Central Station neighborhood, says he is working on a letter of credit for the $60-million building at 12th and Indiana, which would include office and retail uses as well on the lower floors of the 20-story structure. Meanwhile, Bernard Citron of 17th & Indiana LLC says lenders were hesitant to begin talks until the group won city approval. Matias Graf of the John Buck Co., a member of the development group, indicated 98% financing was being sought.

Rents in the 17th and Indiana building would run about $2,000 a month for a 1,000-sf apartment.