The private “luxury” dorm Loft-Right, which Heather Kenny wrote about in the Reader, has been plagued with student complaints about noise, leaky windows, and other issues since it opened last year on the edge of DePaul’s Lincoln Park campus (emphasis mine).
“Students left the building in droves, and the dorm is now less than 60 percent full. The situation is so bad that two weeks ago Moody’s Investors Service downgraded the project’s bond rating and warned investors about its financial stability . . .
“When it opened, Loft-Right’s edgy design and independent living for students won praise. With 580 beds, it was 93 percent full last year. But students — who pay as much as $2,000 a month for a room in a two-bedroom apartment — soon brought a myriad of complaints, and some students dubbed it ‘Loft-Wrong.'”
The Reader‘s classifieds section lists 85 apartments in Lincoln Park with rental prices between $1,100 and $1,900. Here’s one with a wood-burning fireplace. Here’s another with three bedrooms and in-unit laundry. This one seems to have a rooftop pool.
“MJH president Ben Noble said funding for an endowed professor’s position at DePaul — paid for by dorm revenues — is in jeopardy. But he said the project is not closing and there are no plans to raise room rates.”