CHICAGO—The historic Greektown neighborhood in the West Loop has been known for its brick-and-timber loft spaces, but with the area also becoming an office hub for global companies, developers say it's time to supply new apartments. Loukas Development recently began construction on The Van Buren, a 12-story boutique mixed-use development at 808 W. Van Buren Ave. It will be one of the first modern, multi-family buildings in the neighborhood.

“We see a very diverse economy in the West Loop,” Aristithis Loukas, managing director of Loukas Development, tells GlobeSt.com, and the area will need a lot of rental housing to accommodate all of its new office workers. With occupancy costs far below comparable spaces in Manhattan or the West Coast, “we're seeing tenants line up one by one to come into the West Loop.”

The list of new projects in the area is quite long. Alongside all the new hotels, retail outlets and restaurants, the 2.7 million square foot Old Post Office is undergoing a renovation, and a 432,000 square foot office tower is rising at 625 W. Adams. Furthermore, Google, Hillshire Brands and McDonald's have also decided to make the West Loop their home.