Apartment developer pays $6 million for West Loop site

Apartment developer pays $6 million for West Loop site
By: ChicagoRealEstateDaily.com | September 16, 2013 | Crain's Chicago Business

The developer that wants to build a 15-story, 198-unit apartment building in the West Loop paid $6 million for the 26,000-square-foot development site, Cook County records show. A venture led by Dan Moceri, co-founder and CEO of Schaumburg-based Convergint Technologies LLC, acquired the site, a parking lot at 601-603 W. Jackson Blvd., from the Illinois Institute of Technology. Pat McGuire, vice president of @properties Commercial, represented the development venture in the transaction, while Steve Aaronson, vice president of Camins Tomasz Kritt, represented IIT. Mr. Moceri said he plans to break ground in November on the $50 million development and expects to wrap up his financing in the next few weeks. Local architect Thomas Roszak designed the building and also is an investor in the project, he said. Read More...