Mavrek and Fengate Secure Full Building Permit for 380-Unit Julep West Loop Tower With Aldi

• Mavrek Development and Fengate Asset Management are advancing Julep West Loop at 1016 W. Jackson Boulevard in Chicago.
• The 25-story, 275-foot tower will include 380 apartments, 76 affordable units, and nearly 22,000 square feet of retail anchored by Aldi.
• Full building permit issuance allows general contractor Skender to proceed with vertical construction. First occupancy is anticipated in early 2028.

Julep West Loop Moves Into Vertical Construction

A full building permit has been issued for Julep West Loop, clearing a major milestone for the 25-story mixed-use development at 1016 W. Jackson Boulevard in Chicago’s West Loop. The project is being developed by Mavrek Development and Fengate Asset Management, following demolition of the former office and commercial buildings on the site. The tower will rise 275 feet at the corner of West Jackson Boulevard and South Morgan Street. With the full permit in place, general contractor Skender can move forward with the next phase of construction.

380 Apartments and an Aldi Grocery Store

Designed by Eckenhoff Saunders, Julep West Loop will deliver 380 apartments, including 76 affordable units, alongside approximately 22,000 square feet of ground-floor retail space. Aldi is set to occupy the majority of the retail footprint, bringing a grocery store to a growing residential section of the West Loop. The building will include 163 vehicle parking spaces and 380 bicycle spaces. A pedestrian paseo will connect the retail frontage with the residential entrance, while grocery parking and loading will be accessed from South Morgan Street. The project’s podium will contain parking and amenity space, with the residential tower rising above. Planned amenities include a rooftop pool with cabanas, outdoor fire pits, fitness center, pickleball court, half-court basketball, dog run and grooming facilities, lounges, 24-hour concierge service, and EV charging.

$170M-Plus Development Backed by Fengate

Julep West Loop is a major investment in the West Loop’s residential and retail pipeline. The project broke ground in September 2026, with financing from Fengate Asset Management through its Social Opportunities Fund. Public reports have placed the project’s financing above $170 million. The development replaces underused commercial properties with a higher-density residential project that pairs apartments with daily-needs retail. Aldi’s planned location is also expected to serve surrounding residents, as the West Loop continues to grow beyond its traditional office and industrial roots.

Early 2028 Occupancy Target

Construction is expected to take approximately 21 months, with first occupancy anticipated in early 2028. The full building permit marks an important step from foundation work into the tower’s vertical buildout. For investors and landlords, Julep illustrates the appeal of mixed-use urban projects that combine a substantial rental unit count, affordable housing, and an established grocery tenant. The development’s next milestones will be construction progress and delivery toward the 2028 occupancy target. Mavrek and Fengate have cleared a major permitting hurdle for Julep West Loop, setting the stage for a 380-unit tower with Aldi retail and an early 2028 delivery goal.