CHICAGO—Related Midwest has just released the model units at The Grant, its luxury condo development at 1201 S. Prairie Ave. in the South Loop, for sale and company officials say that they expect to wrap up the process by June. The quick series of sales should eventually bring in more developers eager to tap into what appears to be an unquenched demand for condos adjacent to downtown.

Related put South Loop Luxury by Related, a collection of 500 condos across three towers, including The Grant, on the market in 2013, and Dave Wolf, president and founder of Related Realty, who manages the development sales for Related, tells GlobeSt.com that the units sold out faster than any other comparable inventory and helped jumpstart the neighborhood's condo market. But once buyers take these last units, the South Loop won't see any new ones coming on line for at least another year.

“It's not a lack of demand and desire for these projects,” he says. The neighborhood has just entered a period, due to the lengthy development cycle, when demand and supply just don't match up. “If we had new construction today, we would have a lot of activity and sales.”