CHICAGO-After three years of sitting empty, units at the brand new, formerly named Lexington Park may finally see some use. The failed $110 million condo complex has been rebranded by new owners ST Residential as an apartment tower named the Lex, and locally based Magellan Development Group has repaired and renovated the units for rental as soon as next month.

Seth Hewitt with ST tells GlobeSt.com that the company will open its leasing office on Monday, March 19. “We think the rental market is good in Chicago, as we’ve seen throughout our national portfolio,” Hewitt says. “We think we’ll do pretty well. Our competition in the South Loop, the professional managed new towers, are for the most part stabilized, all the demand should be coming to us.”

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