Riverside Investment & Development Company and its partners celebrated the groundbreaking of 566 West Van Buren, a new 12-story, 199-unit multifamily development in Chicago’s rapidly evolving West Loop neighborhood.
The approximately $85 million project represents another major investment in the continued transformation of the Union Station corridor into a vibrant mixed-use district.
Located one block west of BMO Tower and Union Station, the development builds upon Riverside’s broader investment in the area, including BMO Tower, the 1.5 million-square-foot Class A+ office building anchored by a 1.5-acre public park.
Developed in partnership with Blue Star Properties, Atlantic Residential, and Metropolis Investment Holdings, the project is being designed by Antunovich Associates and constructed by Clark Construction. Financing includes a $64 million HUD 221(d)(4) construction loan that converts to a 40-year permanent loan upon stabilization. The HUD 221 (d)(4) loan was originated by Draper and Kramer, and investment capital is provided by Richmond Capital. The project is targeted for completion in early 2027.
Over the last several years, more than 4 million square feet of new office space has been delivered between BMO Tower and the Old Post Office, further strengthening the area as a major employment and innovation hub. Nearby, a new state-of-the-art medical school is scheduled to open in 2026, while the University of Illinois is redeveloping the former Molson Coors headquarters at 250 South Wacker into a leading AI and technology innovation center.
566 West Van Buren will deliver a high-quality residential product in one of the country’s most transit-connected locations. Union Station’s accessibility and connectivity continue to drive investment and demand in the post-pandemic environment, positioning the neighborhood for long-term growth.
