Millennium Lofts


Millennium Lofts

1900 South Clark Street


Chicago, IL

Main

Year Built: 1940

Status: Available

Offers Due: May 2, 2017



Property Type

Multifamily /
Land Development

Neighborhood

South Loop

Units

34



Millennium Lofts


Originally built as a pillow factory in 1940, Millennium Lofts has been reinvented as a successful South Loop loft apartment conversion, with average apartment sizes that are a whopping 1,302 square feet. Within this South Loop neighborhood, average residents’ income hovers near $111k annually. While rental growth has been aggressive, occupancy remains high at 94% for Millennium Lofts alone.

The neighborhood is in such a development phase that year-over-year rent growth of 9.7% has been achieved and continues to climb even higher. The average year built of multifamily assets in the South Loop is 1997. People are choosing the South Loop. Millennium Lofts has numerous features that add to the appeal of a South Loop development. The asset qualifies for development bonuses available through Chicago’s TOD ordinance. In fact, the closest ‘L’ stop is only a few minutes’ walk from the front door. Another enviable component of this property is its proximity to the brand-new Mariano’s a few blocks away: It’s a 5-minute walk.

The future expansion and development of Millennium Lofts is an advent of opportunity. In addition to the potential reconfiguring of the loft apartments into smaller units, there is also a 16,700-square-foot parking lot that investors can develop. With existing zoning there exists the opportunity to construct an additional 74,000-square-foot building. An integrated plan of renovated existing apartments and an adjacent new development will garner a positive response, as similar projects have seen in other Chicago submarkets.

Millennium Lofts offers developers several viable paths of repositioning the asset to their desired investment strategy. TOD, value-add and future development with an existing 5,135 square feet of commercial space are all factors that make this the opportunity of the Millennium.

Quick Facts:


  • Millennium Lofts offers larger-than-average units (avg. 1,302 sf), including a majority of duplexes
  • Four ground floor commercial units available for retail and office use (avg. 1,284 sf)
  • More than 74,000 buildable square feet available in adjacent parking lot with current C2-5 zoning for future development
  • Qualifies for reduced parking minimum — potential for TOD designation due to L stop proximity
  • Mariano’s is a five-minute walk north of the asset
  • Incredible proximity to public transportation and all the South Loop and downtown staples: Three‑minute walk to Chinatown Red Line ‘L’ stop


Asset Photos




Map


Contact Sales Team



Susan Tjarksen


Principal, Managing Broker

Susan Tjarksen
Phone: 312.477.7006
Mobile: 312.523.7617
Email: susan@kigcre.com

Todd Stofflet


Managing Partner

Todd Stofflet
Phone: 312.477.7004
Mobile: 312.622.2339
Email: todd@kigcre.com

Jason Stevens


Senior Director - Sales

Jason Stevens
Phone: 312.477.7012
Mobile: 312.608.6188
Email: jason@kigcre.com