Observers of the Chicago apartment market will be following the action closely, as historically low vacancy rates and steadily rising rents will soon be met by an onslaught of new construction inventory -- more than 3,600 apartment units slated for delivery in just over a year and another 332 for which ground has just been broken.  Will an increase in demand preserve what’s currently a landlord’s market, or will tenants reclaim some ground?  Since we are not economists here at domu, we’ll take a pass on soothsaying.  But just to help the local landlord community know where the competition’s likely to come from between now and the time the Cubs are ready to compete, here’s what we learned by moseying around town and having a gander at all the projects now under construction or freshly unwrapped.

840 West Blackhawk

We’ll start 840 West Blackhawk on the near north side, just south of Lincoln Park, near Goose Island.  Otherwise known as “Sono East” (for south of North Avenue and east of “Sono West,” which is a condominium tower next door), this 22-story apartment building is brand spankin’ new and ready for at least 324 renters.  Conveniently located near the red line and a busy retail hub, the availability of units at Sono East, which is rich with building amenities, is perhaps already affecting the rental market in the neighborhood.

188 West Randolph

Down in the heart of the loop, the gothic skyscraper at 188 West Randolph (otherwise known as “Randolph Tower”) is already housing renters, although construction continues unabated on the higher floors.  The once-dilapidated but now majestically resurrected edifice stands 45 stories tall and, when completed, will offer at least 313 renters the luxury of walking to work in 90 seconds, over and above a rich package of amenities.  Anyone who walked through this building before it was gutted and rehabbed would not recognize it in its current form.

1225 North Wells

Back on the near north side, but closer to old town, there’s 1225 North Wells, which is already accommodating tenants and is reportedly about 60% pre-leased.  Standing 16 stories over the exoskeleton of a Grossinger Motors dealership, the full-amenity building will imminently drop 250 new apartment units into the neighborhood, along with 30,000 square feet of new retail.

Meanwhile, six other apartment towers in Chicago are already well out of the ground and slated for delivery by fall of 2013 at the latest, while construction on a seventh is just now getting underway.

345 West Wacker

Over in Lakeshore East, which has been a veritable fiefdom for Magellan Development Group, the latest nautical-themed high-rise, known as “Coast,” appears to be on track for an early 2013 delivery of 499 apartment units over 49 stories.  The views will be extraordinary, the amenities will be profuse, and the location will be outstanding.

360 North Halsted

From Streeterville, we head to the Fulton River District, where the Fifield Companies have achieved regional hegemony, and an apartment tower at 360 North Halsted soon comes into view.  Marketed as “k2,” the building is already well out of the ground just down the hill and to the west of the Blommer Chocolate Factory, near the unique new bike route to the city.  When complete, perhaps by April 2013, the 33 story high-rise will add 496 new apartment units to the neighborhood.

71 West Hubbard

From the Fulton River District, we head east to the heart of River North.  There, at 71 West Hubbard, and right in the thick of some recent high-rise office, hotel, and parking development, a new apartment tower has already risen 20 some-odd stories out of the ground (they’ll stop at 50) and holds forth the promise of 407 apartment units with all the usual amenities.  Delivery appears slated for April 2013.

Veering west, but remaining in the River North neighborhood, we find construction at 360 West Hubbard, where a splendid edifice to be known as “Hubbard Place” will occupy a space just across the street from the hindquarters of the East Bank Club.  This longtime surface parking lot is well on its way to being 43 stories tall and will offer 450 new apartment units with all the usual amenities.  Delivery is currently projected for September or October of 2013.

500 North Lake Shore Drive

And now back to the lake, just across from Navy Pier, where a defunct condominium project at 500 North Lake Shore Drive (they intended to call it "The Peshtigo”) has been reincarnated as a 45-story, 500 unit apartment building.  The tower is well out of the ground, and the Streeterville locals are anxiously awaiting the opportunity to test the ten-story “green wall” that will cover the parking deck and ostensibly thrive in the harsh Chicago winters.  Occupancy is slated for May 2013.

200 East Illinois

But wait!  There’s more!  On the other side of Streeterville, at CityFront Plaza, just steps from Michigan Avenue, an apartment building is finally rising from a long neglected lot at 200 East Illinois.  When complete, the tower will stand 42 stories tall and offer 325 rental units, along with all the customary high-rise amenities and a healthy swath of retail.  Like the erstwhile Peshtigo, this project rose from the ashes of a deceased condominium deal and found new life as an apartment building development opportunity.

73 West Lake

Finally, back in the Loop (but just outside the actual loop made by the el trains), ground has finally broken at 73 West Lake, an odd lot that fronts on both Wabash and Lake Streets while wrapping around a vintage office building where those two streets converge.  There’s really nothing to see now unless you’re a construction geek, but, when completed the site will be occupied by a 42-story, 332 unit apartment tower.

So, for those of you tracking the figures at home, here’s what we have on the domu new apartment inventory scorecard: