Fengate Asset Management and Mavrek Break Ground on 380-Unit Julep West Loop Tower in Chicago

Fengate Asset Management and Mavrek Development have broken ground on Julep West Loop, a 25-story mixed-use residential tower in Chicago's West Loop neighborhood, the firms announced Sept. 9. The development at 1016 W. Jackson Blvd. will deliver 380 apartments alongside roughly 22,000 square feet of grocery-anchored retail space, with first occupancy targeted for early 2028.

The project carries an approximately $150 million total development cost and is backed by a $130.4 million construction loan from an Affinius Capital affiliate. The LiUNA Pension Fund of Central and Eastern Canada, known as LPFCEC, provided an anchor equity commitment to the venture through Fengate's Social Opportunities strategy — marking the pension fund's first investment in a U.S. real estate development.

Project Details and Amenities

Julep West Loop will rise 25 stories on a full block spanning frontage along W. Jackson Boulevard, S. Morgan Street, and W. Adams Street. Of the 380 residential units — ranging from studios to three-bedroom apartments — 76 will be designated affordable, representing 20 percent of the total unit count. The tower will also include approximately 22,000 square feet of commercial space anchored by Aldi, which will open its first location in the West Loop neighborhood at 1000 W. Jackson Blvd.

The development's amenity package includes a rooftop pool with cabanas, outdoor fire pits, a fitness center, a pickleball court, a half-court basketball court, dog run and grooming facilities, resident lounges, 24-hour concierge service, bike storage, and EV charging stations. The project will also include 163 parking spaces.

Julep West Loop is targeting National Green Building Standard certification and will incorporate energy efficiency strategies, green roofs, EV-ready infrastructure, water conservation measures, and stormwater reuse systems.

Capital Structure and Strategic Rationale

The investment is being advanced through Fengate's Social Opportunities strategy, which targets housing, healthcare, and logistics assets across the United States and Canada. The anchor commitment from LPFCEC deepens a long-standing relationship between Fengate Asset Management and the labor-affiliated pension fund.

"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," said Alexander Glassman, Managing Director, U.S. Investments, Real Estate, Fengate Asset Management. "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."

Anthony Hrusovsky, Partner and Chief Investment Officer of Mavrek Development, highlighted the firm's network of institutional relationships as central to assembling the deal. "Mavrek has spent years building relationships across national and international investment and development communities, and our partnership with Fengate and Affinius Capital on Julep West Loop is a product of that commitment," Hrusovsky said. "As owner and developer, we're responsible for creating a successful asset, not only for our investors but for the community as well. 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."

Joseph Mancinelli, Chair of LPFCEC, LiUNA International Vice President and Regional Manager for Central and Eastern Canada, described the investment as a milestone for the pension fund. "Julep West Loop represents a pivotal milestone for LiUNA as our first investment in a real estate development in the United States," Mancinelli said. "This project is about more than building homes, it is about investing in people and community, creating meaningful work for our members and building the foundation for where they live and work."

Construction Timeline and Labor Impact

Skender is serving as general contractor. Construction is expected to span approximately 21 months, running from the September 2026 groundbreaking through an anticipated early 2028 delivery. Fengate projects the project will generate approximately 740,000 union construction labor hours and $69 million in income for Chicago's union construction workforce between 2026 and 2028.

The groundbreaking ceremony drew remarks from Illinois State Treasurer Michael Frerichs, Alderman Bill Conway of Ward 34, James P. Connolly of the Chicago Laborers District Council, Michael Macellaio of the Chicago & Cook County Building & Construction Trades Council, Adam Friedberg, Chief Executive Officer of Mavrek Development, and Lou Serafini, President and CEO of Fengate Asset Management.

West Loop Market Context

Julep West Loop is situated between Fulton Market, the Chicago Loop, and the Illinois Medical District — a location that provides access to major employment centers, transit connections, and established retail and dining corridors. The West Loop has experienced significant population and commercial growth in recent years, and the development comes amid strong housing demand and constrained new residential supply in the submarket.

The project represents Fengate Asset Management's first ground-up residential development in the United States, extending the firm's real estate platform into the U.S. market. Fengate reports that approximately 65 percent of its capital commitments come from labor-sponsored pension plans, and the firm has generated more than 12 million union labor hours across its portfolio between 2019 and 2025.

Sources: Fengate Asset Management