(CBS) — Chicago is experiencing a record building boom, with no signs of a slowdown.
CBS 2’s Jeremy Ross reports on one area that’s drawing developers to really look up.READ MORE: City Celebrating Chicago Sky WNBA Championship Win In Millennium Park Tuesday
The South Loop is described as the cozy, understated part of Chicago’s downtown.
But construction cranes, developers and work crews are transforming that perception.READ MORE: Woodstock Woman's Car Gets Damaged, Then Insurance Company Refuses To Pay Because She Called Police 2 Hours Too Late
City and business leaders broke ground on a new project Thursday.
They’ll redevelop the Essex hotel off Michigan and 8th. A 56-floor apartment complex will tower next to it, to be called Essex on the Park and creating hundreds of jobs.
When finished in early 2019, developers say it will be the tallest building on Michigan Avenue south of Lake Street. Planned are 290 hotel rooms and 476 apartments, with rents beginning at $1,600.MORE NEWS: Woman Struck By Stray Bullet, Critically Wounded While Inside Her Home In Zion
Developer John Rutledge says builders see value in tenants having a short walk to work in the Loop and an even shorter walk to Grant Park.