(To read more on the multifamily market, click here.)

CHICAGO-The Fifield Cos. is wrapping up construction of the Residences at Left Bank, a 37-story luxury apartment building at 300 N. Canal St. The tower, located in the Kinzie Station/Fulton River District, includes 451 apartments in 18 floor plans, including six penthouses. The building will offer studio, one-, two- and three-bedroom layouts with one to three baths.

Alan Schachtman, senior vice president with Fifield, tells GlobeSt.com that there is a shortage of rental apartments in Downtown Chicago. "Many existing apartment buildings have been converted to condominiums," he says. "Where there's a shortage, there's a demand. That's one of the reasons why we built this project."

Schachtman explains that projects like this target young professionals who desire a walk-to-work location. "They are not yet in the condo market," he says. "However, the location has the amenities they're looking for, such as shopping, restaurants and good public transportation."

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