Draper & Kramer launches long-delayed apartment project near McCormick Place

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Draper & Kramer launches long-delayed apartment project near McCormick Place. The Chicago firm’s complex at 2111 South Wabash will add 275 units to the South Loop’s crowded multifamily market

Ground was formally broken at the site last September with crews working on the project’s first building, a 28-story tower called Ancora. The tower will contain 452 apartment. s Near South Side.

Historic Motor Row on South Michigan Avenue and the area surrounding the McCormick Place convention center were so plagued by developmental false starts that even a new CTA train stop, 10,387-seat.

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Draper & Kramer launches long-delayed apartment project near McCormick Place. Draper & Kramer started work on an apartment complex near McCormick Place that won City Council approval in.

Draper & Kramer started work on an apartment complex near McCormick Place that won City Council approval in 2016. The Chicago developer is building the 24-story, 275-unit building at 2111 South.

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"New projects are outpacing sales and the gap is continuing," said Gail Lissner, vice president of Appraisal Research Counselors. "We’ll see more auctions as an exit strategy." The condo glut also cooled apartment rents, which eased to $2.25 a square foot last year, down from the decade’s peak of $2.35 a square foot in the third quarter of 2007.

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Local developer Draper & Kramer revealed plans for a transit-oriented development in the new mccormick place entertainment District, while architect John Murphy announced plans for a 48-story.