Developers start Chicago high rise with convertibility in mind

  • With Class A rents continuing to rise, do condo purchases make more sense for some Chicago residents?
  • Chicago's Near North side dubbed as an epicenter for future development.
  • 8,000 rental units are predicted to be delivered in Chicago during the next two years.

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One development team appears unfazed by the roughly 4,500 apartments that are slated to be delivered in downtown Chicago during 2017. A joint venture of Chicago-based Ascend Real Estate Group and Boston-based Intercontinental Real Estate Corp. recently broke ground on a 18-story, 202-unit rental tower on the city’s Near North side.