Mavrek Pulls $112M Permit for 380-Unit West Loop Tower

The City of Chicago issued building permit 101082881 on Oct. 27 for a 25-story mixed-use tower at 1022 West Jackson Boulevard, with a reported project cost of $112 million, general contractor Skender Construction and 380 residential units, according to city permit records. The permit covers Mavrek Development’s long-planned tower at 1000 West Jackson in the West Loop, a project that cleared City Plan Commission approval in 2024 and spent the better part of two years moving through demolition and foundation work before this full construction permit.

Mavrek, a Chicago-based developer, formed a joint venture with Fengate Asset Management, a North American alternative investment manager, which secured a $130.4 million construction loan from Affinius Capital to finance the tower, according to Institutional Real Estate, Inc. The building will carry 304 market-rate units and 76 affordable units, plus more than 21,000 square feet of ground-floor retail pre-leased to Aldi and a 163-car garage. Eckenhoff Saunders designed the building; demolition of the prior structures at 1010 and 1016 West Jackson wrapped in July, and a tower crane permit followed in August, according to Chicago YIMBY. Completion is expected in 2028.

Why it matters

A $130 million construction loan closing ahead of the full building permit, rather than after, tells other West Loop multifamily developers that lenders are still underwriting ground-up Chicago apartment construction at scale, even as nearby office towers struggle to refinance.

The numbers

The project totals 380 units, 20% of them affordable, across 25 stories, financed with a $130.4 million construction loan against a $112 million permitted construction cost.

What’s next

With the full permit and crane in place, the next milestone is vertical construction through the 2028 completion target. Track West Loop multifamily permits at Chicago.