CHICAGO—The South Loop is getting ready for another residential tower as developers move to satisfy the intense demand for luxury units adjacent to downtown. CA Residential LLC, the multifamily investment and development division of Chicago-based CA Ventures, has just commenced construction on a 320-unit mixed-use development at 1136 S. Wabash Ave. Chicago-based The Habitat Co. will manage the project, which CA Residential and its joint venture partner, Chicago-based K Giles LLC, plan to deliver in May 2018.

The CTA Roosevelt station, which serves the CTA's Red, Green and Orange lines, is just a few steps away, and allows neighborhood residents to get downtown in minutes. That perk has helped fuel an explosive growth in luxury housing. Golub & Co. and CIM Group just opened their new 40-story, 397-unit multifamily residential tower one block over at 1001 S. State St. And this summer, JDL Development celebrated the grand opening of 1000 South Clark, its new 469-unit luxury apartment tower.

“The South Loop is one of the city's fastest-growing neighborhoods and we believe demand for housing in this area will only continue to increase as development pushes farther south,” says JJ Smith, chief operating officer of CA Ventures. “With 1136 South Wabash, we'll be able to transform an underutilized parking lot into a modern mixed-use development that will appeal to a wide range of renters by offering a mix of unit sizes, lifestyle-oriented amenities and an unparalleled location at the epicenter of all the South Loop has to offer.”