• Two high-rise rental projects broke ground in January valued at a combined $237 million.
  • The majority of single-family starts in the Chicago metro should be in the form of downtown condo towers.
  • The South Loop, The Loop, River North and Fulton Market neighborhoods each have three or four high-rise projects lined up.

Last month the value of all residential construction starts in the Chicago-Naperville-Joliet metro totaled nearly $392 million, with multifamily starts accounting for the majority of this volume.

According to data from Dodge Data & Analytics, two high-rise rental projects broke ground last month that accounted for $237 million of the $392 million total.

Based on the city of Chicago’s pipeline, multifamily projects, and more specifically high rises, should continue to account for the majority of residential construction, this despite the estimated 6,700 units slated to come online this year.

The majority of single-family starts should be in the form of downtown condo towers, rather than detached single-family homes.

In Streeterville, Related Midwest is nearing commencement of a 67-story high-rise project that will feature a mix of condos and rentals, 65 units and 20 units, respectively. The project is slated for completion sometime next year.

CMK Companies represents another developer with a condo project lined up, this one in the South Loop neighborhood, according to CoStar. A 28-story condo tower is also being proposed for the Gold Coast.

According to CoStar, four Chicago neighborhoods have multiple proposed projects, mainly multifamily, lined up for this year. These neighborhoods and the developers with proposed projects include:

  • South Loop: Draper and Kramer Development Services, Crescent Heights, Keith Giles
  • The Loop: Magellan Development Group (two projects), Next Realty
  • River North: Onni Group, Centrum Partners, John Buck Company, JDL Development
  • Fulton Market: JDL Development, F&F Realty, Greenstone Capital

In Logan Square, Henry Street Partners is set to begin a two-tower, 217-unit project after recently receiving $46 million in construction financing.

In January 2015, residential construction starts in the Chicago-Naperville-Joliet metro totaled only $139.9 million.

During the first month of this year total construction spending in the metro, including residential and non-residential starts, totaled $578.6 million. Of that total, residential construction accounted for nearly 68 percent of all starts volume.

Email Erik Pisor

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription