The volume of high-rise condo projects recently underway or proposed in Chicago is influencing developers to open sales offices up to four years in advance of a development’s completion.

In early April, Chicago-based Magellan Development Group and Dalian Wanda Group of China will open a sales office for their 93-story, mixed-use Vista Tower, which is slated for initial occupancy sometime in 2020.

  • High-rise condo projects in Chicago are opening sales offices far in advance of occupancy.
  • Condo conversions could be on their way back.
  • Downtown Chicago, River North, West Loop and South Loop all have noticeable condo pipelines.

The volume of high-rise condo projects recently underway or proposed in Chicago is influencing developers to open sales offices up to four years in advance of a development’s completion.

In early April, Chicago-based Magellan Development Group and Dalian Wanda Group of China will open a sales office for their 93-story, mixed-use Vista Tower, which is slated for initial occupancy sometime in 2020.

Once completed the building, which will feature 405 luxury condos starting at $1 million, will be the third tallest tower in the Chicago skyline. Located downtown on the 300 block of East Wacker Drive, the first 12 floors of the tower will be a hotel.

Also in downtown, Belgravia Group has a proposal to construct a 16-story condo tower on top of a below-grade parking garage. The project is said to be receiving resistant from residents of River Plaza because of the project’s close proximity.

Conversions might be on their way back in downtown. Jim Letchinger is one developer with plans to convert a rental tower back to condos.

Chicago condo proposals on the rise

The River North, West Loop and South Loop neighborhoods will all see several new residential towers rise in the coming years.

In River North, Chicago-based JFJ Development is proposing a 24-story, 71-unit condo tower and LG Development has begun demolition work to make way for a 12-story, high-end condo project.

LG is also active in West Loop, as the developer recently received planning commission approval for a nine-story condo tower that would feature 79 units.

Related Midwest has a project lined up in West Loop; however, this tower will be a 308-unit rental building. The developer is also underway on a 67-story tower in Streeterville that will feature a mix of apartments and condos.

The first phase of the Riverline development, a five-building, high-rise project, is slated to start this year as crews ready the site for construction.

A 30-story, roughly 450-unit building will comprise phase one and be developed by CMK Companies and Lend Lease. Wood Partners is also active in South Loop, as the multifamily developer readies for a 33-story rental tower.

Dalian Wanda Group isn’t the only Asian developer that’s recently inked a residential deal in Chicago.  Last summer, Japanese-based Daiwa House Group contributed more than $40 million of equity toward a 33-story apartment building that’s being developed by Ryan Companies and Lincoln Property Co.

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.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
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
×