A joint venture of CIM Group and Murphy Development Group has opened The Paragon, a 500-unit luxury community in the South Loop neighborhood of Chicago. The development team, including Walsh Construction as the main contractor, received a Certificate of Occupancy for the first 25 floors of the building. Interior finishing work will continue for the remaining units which are expected to be finished in August.
Located at 1326 S. Michigan Ave., the high-rise is close to interstates 90 and 290, in a neighborhood offering outdoor recreation such as the nearby lakefront trail and several parks, as well as plenty of shopping, dining and entertainment options. A CTA station and several bus stations offer easy public transit for the residents.
The recently completed 47-story building offers studios and one- to three-bedroom apartments, with floorplans ranging from 533 to 1,733 square feet. All units have floor-to-ceiling windows, stainless steel kitchen appliances, wood laminate flooring and a smart home system by IOTAS. Common-area amenities feature a resort-style pool with cabanas, a fitness center, business center and a dog run.
The South Loop neighborhood attracted numerous multifamily investors and developers during the last year. Nine properties totaling 3,270 apartments for rent in Chicago are currently in the works or recently completed within a 1-mile radius of The Paragon. One of them is NEMA, an 800-unit luxury community that is currently the tallest apartment building in Chicago. Another is a 275-unit development near McCormick Square that broke ground in February.