Chicago, Illinois, Sept. 09, 2026 (GLOBE NEWSWIRE) -- Today, Fengate Asset Management (“Fengate”) and Mavrek Development (“Mavrek”) celebrated the groundbreaking of Julep West Loop, a new 25-story mixed-use residential development in Chicago’s West Loop neighborhood.
The development will deliver 380 residential units, including 76 affordable units, alongside more than 21,500 square feet of commercial space, anchored by an international grocery store serving residents and the surrounding community. The property will include market-leading amenities including a rooftop pool with cabanas, outdoor fire pits, fitness center, pickleball court, half-court basketball court, dog run and grooming facilities, resident lounges, 24-hour concierge service, bike storage, and EV charging stations.
Located between Fulton Market, the Chicago Loop and the Illinois Medical District, Julep West Loop will offer residents convenient access to major employment centers, transit connections and established retail, dining and entertainment amenities. The development comes amid strong housing demand and limited new residential supply in the West Loop, a neighborhood that has seen significant growth and development in recent years.
The event featured remarks from James P. Connolly, Business Manager for the Chicago Laborers District Council, Joseph Mancinelli, Chair of LPFCEC, LiUNA International Vice President and Regional Manager for Central and Eastern Canada, Michael Macellaio, President, Chicago & Cook County Building & Construction Trades Council, Illinois State Treasurer Michael Frerichs, Alderman Bill Conway, Ward 34, City of Chicago, Adam Friedberg, Chief Executive Officer, Mavrek Development, and Lou Serafini, President and CEO, Fengate Asset Management.
Julep West Loop is being advanced through Fengate’s Social Opportunities strategy, which focuses on investments in housing, healthcare and logistics assets across the United States and Canada and builds on Fengate’s longstanding relationships with the labor community and development partners. The investment in Julep West Loop is supported by an anchor commitment to the strategy from the LiUNA Pension Fund of Central and Eastern Canada (“LPFCEC”), further building on a long-standing partnership and a shared commitment to delivering high-quality housing and meaningful benefits for workers and their communities.
“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.”
"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," said Anthony Hrusovsky, Partner and Chief Investment Officer of Mavrek Development. "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.”
“Julep West Loop represents a pivotal milestone for LiUNA as our first investment in a real estate development in the United States,” said Joseph Mancinelli, Chair of LPFCEC, LiUNA International Vice President and Regional Manager for Central and Eastern Canada. “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. We are proud to continue to advance our mission here in Chicago, delivering much-needed housing while generating good union jobs and building a more connected and resilient West Loop for years to come.”
Julep West Loop will target a comprehensive sustainability program, including National Green Building Standard (NGBS) certification, energy efficiency strategies, green roofs, EV-ready infrastructure, water conservation measures, stormwater reuse systems, and robust environmental management practices during construction.
Skender is serving as general contractor and will lead construction on the project, which is expected to generate approximately 740,000 union construction labor hours and $69 million in income for Chicago’s union construction workforce between 2026 and 2028. Construction is expected to take approximately 21 months, with first occupancy anticipated in early 2028.
About Fengate Asset Management
Fengate is a leading alternative investment manager, with more than USD $19+ billion of assets under management, focused on infrastructure, private equity, and real estate strategies. With offices and team members in Canada and the United States, Fengate has a proven track record of successful projects and partnerships and an established reputation as one of the most active real asset investors and developers in North America.
About Mavrek Development
Mavrek, founded in 2010, has grown into one of Chicago’s most active developers. Originally focused on luxury single-family homes, the firm has expanded into high-quality urban infill multi-family and mixed-use projects. With a strong commitment to Chicago and a collaborative approach to executing complex developments, Mavrek represents the next generation of the city’s real estate leaders.
About the LiUNA Pension Fund of Central and Eastern Canada
Established in 1972, the LiUNA Pension Fund of Central and Eastern Canada (LPFCEC) is one of the fastest growing multi-employer pension funds across Canada, voted top 10 pension funds by Benefits Canada. With a diverse investment portfolio and over $13 billion in assets, LPFCEC has yielded positive returns for the plan, great work opportunities for LiUNA members, and has created many needed institutions across North America through a broad range of investments. Learn more at lpfcec.org.
About Skender
Skender is a full-service building contractor and one of the nation’s top 100 construction firms, according to Building Design & Construction. We combine Lean process with high-performing teams to deliver unmatched results and maximum value. Headquartered in Chicago with an office in Indianapolis, Skender serves its clients in the Midwest and across the country. For more information on Skender, visit skender.com.
Attachment
