Sky's the Limit: A Bold New 32-Story Tower Just Got the Green Light in the Loop — And It's Part of a Bigger Housing Boom

65 million mixed-use residential tower at 1338 West Lake Street in the West Loop has cleared a major hurdle, receiving approval from Chicago's Committee on Zoning and now sitting just one sign-off away from permit applications. Developed by Cedar Street Companies and designed by local architecture firm SCB, the sleek 32-story, 364-foot glass-clad tower will bring 321 new residential units to the neighborhood, anchored by a six-story podium with 7,800 square feet of street-level commercial space along Lake Street. If all goes to plan, groundbreaking is slated for Q4 2026, with completion expected by mid-2028.

The project is the latest sign that The Loop's transformation from office district to full-blown urban village is accelerating fast. It joins a growing wave of residential development reshaping downtown — from the La Salle Corridor conversions adding hundreds of new apartments, to the City of Chicago's 300-unit mixed-income project near Pritzker Park, which Mayor Brandon Johnson championed as a way to ensure "people from all walks of life" can call The Loop home.

For longtime Loop-watchers, the momentum is hard to ignore. More neighbors means more foot traffic, more local businesses, and more of the around-the-clock energy that makes a great urban neighborhood tick. Keep an eye on 1338 W. Lake — and stay plugged in at loopchicago.com for all the latest on what's rising in The Loop.

Sources:
1. https://chicagoyimby.com/2026/05/west-loop-continues-to-grow-tall-with-approval-of-residential-tower.html
2. https://www.chicago.gov/city/en/depts/dcd/provdrs/ec_dev/news/2026/february/mixed-use-development-selected-for-loop-site-overlooking-pritzke.html