• 2040 Lofts to add new building by August 2009
• Construction will begin within the next two months
• New building will consist of 100 units with 240 beds
• The Scion Group LLC will pay $15 million for construction

Students looking for a place to stay should have more options with 2040 Lofts by August 2009 when the apartment complex adds another building for rental units.

The Scion Group LLC, a Chicago real estate services group specializing in student housing development and management that owns 2040 Lofts, will begin construction of the $15 million addition within the next two months, said Robert Bronstein, the group's president.

Bronstein said Scion originally planned to build the addition when the group purchased the building. The addition will be built where a surface parking lot is now located, just north of the current building, he said. 2040 Lofts is located at 2040 W. Wisconsin Ave.

He said the addition will consist of 100 housing units with 240 beds and the building's design plan is a masonry-type building with a modern look.

"It will be made to blend in nicely with the existing building," Bronstein said.

With about 350 residents, 2040 Lofts is now about 93 percent full, according to Bronstein.

The new units will be an upgrade from the current units, with all private bathrooms and hardwood floors, Bronstein said. He said the addition will provide housing similar to the "condominium-level."

When the new building is finished, Bronstein said it will turn the 2040 Lofts complex into a U-shape, where a landscape courtyard will be added in the middle.

Bronstein said the current building is also experiencing improvements. He said pool tables, HDTVs and fitness equipment have been added.

Jackie Kacala, a junior in the College of Communication, lives at 2040 Lofts and said she thinks the addition is much needed.

"I think the addition reflects the demand for quality student housing," Kacala said. She said she enjoys the building's amenities such as the workout and laundry facilities, which give 2040 a community feel.

But some students view the addition as just another way for 2040 Lofts to make more money.

"There's probably going to be even more ridiculous prices," said Kyle Oren, a junior in the College of Business Administration.

Oren lives at 2040 and said the current building does not need more improvements because it already has enough amenities.

"Pretty much everything they're doing is useless," he said. "They should save that money and make rent cheaper."