NEW YORK, July 31, 2014 /PRNewswire/ -- Property Markets Group (PMG), the rapidly expanding real estate acquisition and development company founded by long time developer, Kevin Maloney, announced plans for a new $35 million residential development situated directly adjacent to the University of Illinois at Chicago's (UIC) campus at 1350 S. Union Avenue in University Village, a vibrant cultural neighborhood with numerous shops and restaurants and a growing local and graduate student population.
The new residential development, designed by Chicago based architects Brininstool +Lynch, will consist of a U-shaped building connected by a courtyard and amenity space and including a total of 130 residential units, 70 parking spaces and a 500 -square-foot ground-level retail area.
"PMG-Chicago's development strategy focuses on neighborhoods that attract the city's new class of young affluent renters," said Noah Gottlieb, Senior Managing Director of PMG. "We are building luxury product in areas that have not seen new multifamily development but are close to large employment drivers and well served by public transportation," he added.
Additional product under development by PMG includes a 120 unit luxury apartment building at 2211 N. Milwaukee Avenue in Chicago's Logan Square neighborhood that will be the area's first institutional quality apartment building designed to attract young urban professionals. The building will feature luxury finishes and amenities typically found in downtown hi-rises and the lifestyle of a hip and culturally vibrant neighborhood.
Property Markets Group is a primary developer of luxury residential projects in New York City, and Miami. Included in its current New York City portfolio of luxury residential properties is 10 Sullivan in SoHo, 111 West 57th Street, Walker Tower and Stella, two original Ralph Walker designed art deco properties, in addition to a mixed use development in Long Island City. In South Florida PMG is developing Echo Aventura, Echo Brickell, 95 on the Ocean, Sage Beach and a new project in Sunny Isles.
SOURCE Property Markets Group