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McCaffery Begins $400M Mixed-Use Project

CHICAGO-McCaffery Interests Inc. is developing the $54.5-million first phase, the Morgan at Loyola Station, which will have 152 apartments and 33,000 sf of retail.

By Gina Kenny | Updated on February 07, 2008

CHICAGO-McCaffery Interests Inc., based here, broke ground this week on the Morgan at Loyola Station. The project is the first phase of the $400 million Loyola Station development on 5.4 acres owned by Loyola University Chicago, in Chicago’s Rogers Park neighborhood. Loyola Station is expected to have a total of 60,000 sf of retail space, 400 residences and 600 parking spaces when complete, a university spokeswoman says.

The Morgan at Loyola Station will consist of two buildings with a total of 162 residential units, 33,000 sf of retail space and 205 parking spaces. The majority of the residential units will be rental apartments with 10 units owned by the university.

An eight-story building, at 1209 W. Arthur Ave., will have 152 apartments and approximately 18,000 sf of retail, says Daniel McCaffery, president and founder of the self-named company. The units will have a mix of convertibles, one-bedroom, one-bedroom-plus-den and two-bedroom units with an average unit size for the apartments of 920 sf, he says. Rental rates will range from $1,400 to $2,600.

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