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Lincoln Property Adds 278 Rental Units to South Loop

CHICAGO-Dallas-based Lincoln Property Co. sees a need for rental housing amid full-scale condominium development south of the Loop, and plans a 22-story, $60-million building at 1401 S. State St.

By Mark Ruda | Updated on August 22, 2005

CHICAGO-Rather than another condominium building, a 278-unit multifamily rental building is slated for the southeast corner of 14th and State Street. “There’s a need for it,” Dallas-based Lincoln Property Co. senior vice president Brian Byrne tells GlobeSt.com.

Lincoln Property Co.’s $60-million project was endorsed recently by the plan commission, which also blessed construction of another 260 condominiums in the 1300 block of S. Michigan Avenue. The latter building is the latest addition to the massive Central Station project, which has fueled the South Loop development boom. Most multifamily buildings constructed or under construction are condominiums, however.

The one- and two-bedroom units will range from 790 sf and 1,075 sf, and are expected to command rents ranging from $1,600 a month to $2,000 a month. The two-parcel, 40,323-sf site is under contract, Byrne says, with a closing expected by the end of the year. Financing is in place, he adds, and the 22-month construction job is expected to begin early next year.

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