$64 million in financing secured for project at 566 W. Van Buren

Chicago-based developer Riverside Investment & Development has announced the closing on $64 million in financing for their newest residential development at 566 W. Van Buren. Located at the corner of W. Van Buren St and S. Jefferson St, the project will replace a vacant lot that used to have a pair of existing buildings that Riverside demolished back in 2022.

The $85 million development will be financed with a $64 million construction loan through the U.S. Department of Housing & Urban Development 221(d)(4) program for rental housing and equity from Riverside’s partners on the project, which include Blue Star Properties and German family office Metropolis Holdings.

Designed by Antunovich Associates, the updated scheme for the site is planned to stand 12 stories tall, down two floors from the 2022 version. In the updated plan, the project will have the same 199 residential units, but eliminates the retail space and reduces the parking count from 76 down to 42. These shifts resulted in the removal of the dedicated second floor parking level and shifts in the unit plans have resulted in the elimination of a residential floor. 

On the ground floor, the residential entry will face W. Van Buren with residential amenities along S. Jefferson St that includes a coworking space, mail room, fitness center, and bike room. 42 parking spaces will be located within the ground floor accessed from the alley. 

Above the ground floor, typical residential floors will have 19 units per floor. The revised design eliminates all unit balconies but select units on the second floor have private terraces on the second-floor roof deck. In total, the project’s unit mix will include 52 studios, 113 one-beds, 34 two-beds.

On the top floor, the building will have nine residential units and amenity spaces for the residents. Interior amenities will include a club room and private club room while the outdoor amenity deck will have a grilling area, lounge and a pool. 

With the tower crane permit and foundation/superstructure permit already issued as well as the full building permit, general contractor Clark Construction can begin work imminently and work through completion. The project is targeted for completion in May 2027.