The West Loop is a step closer to getting its first Aldi, as the formerly industrial neighborhood continues to grow its population.
Chicago-based Mavrek Development was joined by project partners Wednesday to break ground on Julep West Loop, a 25-story high-rise at 1000 W. Jackson Blvd. that will be anchored by a 22,000-square-foot Aldi. The project includes land at 1000-24 W. Jackson Blvd., 230-38 S. Morgan and 1015-27 W. Adams streets.
Julep has been more than four years in the making, according to Mavrek. The Chicago Plan Commission approved the development in July 2024, and the City Council approved it later that year.
The mixed-use tower will add 380 apartments to the burgeoning West Loop neighborhood, with 76 of them affordable. Units will range from studios to three-bedrooms.
Also included in the project are a rooftop pool with cabanas, outdoor fire pits, fitness center, pickleball court, half-court basketball court, dog run and grooming facilities, according to Mavrek. Residents will have access to lounges, bike storage, EV charging stations and about 160 parking spaces.
The project received financing from Canadian investment firm Fengate Asset Management through its Social Opportunities Fund. The fund focuses on investments in housing, healthcare and logistics assets across the U.S. and Canada, according to the firm.
Lou Serafini, Fengate’s president and CEO, said Julep is the firm’s first U.S. real estate investment. It plans to invest in similar projects across the U.S.
“Breaking ground on Julep West Loop marks an important step in Fengate’s growth in the United States and builds on our commitment to delivering high-quality rental housing where it is needed most,” Alexander Glassman, managing director of U.S. real estate investments at Fengate, said in a news release. “With demand for housing in Chicago continuing to outpace supply, now is the time to advance well-located, mixed-use communities that connect residents to jobs, transit and amenities. Together with Mavrek, we are proud to help bring much-needed homes to the West Loop and create lasting value for residents, workers and the broader community.”
Construction is expected to take about 21 months, with first residents expected to move in early 2028.
Aldi didn’t respond to a request for comment.
In response to a question about Aldi’s opening date, Mavrek reiterated that the property’s first occupancy will be in 2028.
Some of Mavrek’s recent projects include the mixed-use Saint Grand development in Streeterville and Portrait, a residential development in Uptown. Its other latest project, the Belmora in Lake View, started pre-leasing in August.
The West Loop continues to be a magnet for new residents and development. Chicago-based developer LG Group is planning to build two towers — one at 170 N. May St. and another at 175 N. Racine Ave. — in the West Loop. In January, Skokie-based F&F Realty proposed converting the eight-story building at 1060 W. Van Buren St. into apartments, while adding a 27-story tower with more apartments next door.
The United Center’s 1901 Project is also expected to greatly impact the West Loop with new housing, retail and hospitality. Phase 1, which broke ground in June, will be anchored by a 6,000-seat music hall and include a 180-room hotel, retail space and two parking garages.
“The West Loop has become one of Chicago’s most in-demand neighborhoods, and we’re honored to support the continued growth of the area by delivering much-needed housing anchored by one of the world’s most reputable grocers,” Anthony Hrusovsky, partner and chief investment officer at Mavrek, said.