New South Loop Tower Brings Affordable Housing Option to Printers Row

By Socialhood News · Il/Chicago/South Loop ·

A new 19-story apartment building has broken ground in South Loop, bringing a fresh housing option to the Printers Row neighborhood. The development at 626 S. Wabash Ave., a joint venture between Chicago-based firms DAC Developments and Melrose Ascension Capital, secured a $69 million construction loan from New York-based BridgeCity Capital, with construction having kicked off this spring. "This project financing and groundbreaking underscores enduring demand for well-designed, attainable luxury housing in downtown Chicago and the Printers Row neighborhood," said Melrose Ascension Capital founder and CEO Nick Melrose.

The 164-unit development offers a unique approach to urban living, blending traditional rental apartments with co-living spaces that allow residents to rent individual bedrooms rather than entire units. With monthly rents starting at

,650, the project aims to provide a more affordable option compared to many newly built housing developments in Chicago. "At 626 S. Wabash, we're addressing the needs of a diverse and price-conscious resident base while delivering a 368-bedroom project that stands out with premium amenities that challenge the status quo," explained Melrose.

The South Loop location was specifically chosen for its strong rental demand from a diverse population including students, young professionals, and established professionals in the area. Residents interested in learning more about leasing opportunities can visit the development's website for updates on construction progress and pre-leasing information, expected to begin in early 2026.

Sources:
1. https://www.chicagobusiness.com/commercial-real-estate/developers-get-construction-loan-south-loop-tower