Riverside Investment & Development Company and its partners have broken ground on 566 West Van Buren, a new multifamily project planned for Chicago’s West Loop neighborhood. The development is conceived as a 12-story residential building with 199 apartment units, adding new housing stock to a rapidly evolving area just west of the city’s core transportation hub.
The project carries an estimated cost of approximately $85 million and is positioned as part of the broader reinvestment shaping the Union Station corridor into a mixed-use district. Located one block west of BMO Tower and Union Station, the site places residents within close reach of the office, transit and public space amenities that have emerged around the station in recent years, further concentrating activity in this part of the West Loop.
Riverside’s role at 566 West Van Buren extends from its established presence in the immediate area, where the firm has already led development of BMO Tower, a 1.5 million-square-foot office building. That office asset is anchored by a 1.5-acre public park, which serves as a key open-space amenity in the district and illustrates Riverside’s ongoing strategy of combining commercial uses with public realm investments around Union Station.
For 566 West Van Buren, Riverside is developing the project in partnership with Blue Star Properties, Atlantic Residential and Metropolis Investment Holdings. Antunovich Associates is engaged as the project’s architect, bringing forward the building’s design, while Clark Construction has been selected as the general contractor responsible for delivering the structure through the construction phase.
The capital stack for the new multifamily building includes a $64 million HUD 221(d)(4) construction loan. This financing structure is designed to convert to a 40-year permanent loan upon the property’s stabilization, providing a single source of debt that spans both the construction and long-term hold periods. Draper and Kramer originated the HUD 221(d)(4) loan, and Richmond Capital supplied investment capital to support the development.
With financing in place and construction underway, the team is targeting project completion in early 2027. As the building progresses, 566 West Van Buren is expected to add new residential options into the Union Station corridor and contribute to the ongoing transformation of the West Loop into a denser, transit-adjacent mixed-use pocket anchored by office space, public amenities and growing multifamily inventory.
