A developer that has built three trophy office towers near the Chicago River in recent years is planning its first apartment project in the city, taking a step to diversify its portfolio more than two years into the pandemic.
Riverside Investment & Development plans to break ground on a 198-unit apartment tower on the southwestern edge of the Loop business district late this year, the Chicago developer said.
The 14-story building at 566 W. Van Buren St. is expected to be completed in early 2024.
It is just a half-block from Riverside’s recently opened BMO Tower office development at 320 S. Canal St. That 50-story office tower along Union Station is anchored by BMO Financial.
Previously, Riverside developed a 51-story office tower at 150 N. Riverside Plaza and the 55-story Bank of America Tower at 110 N. Wacker Drive. A recent sale of partner Howard Hughes Corp.’s controlling stake in the Bank of America-anchored skyscraper valued that property at more than $1 billion.
The smaller residential project on Van Buren is part of a plan by the firm, which is led by John O’Donnell, to expand into new cities and types of properties other than offices.
Riverside previously developed a nine-story apartment building in nearby Evanston, Illinois, and it now has a 32-story office tower under construction in Denver. The firm also plans a three-tower apartment and office project in Charlotte, North Carolina’s in-demand South End neighborhood.
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