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1,303 Units Proposed for Downtown, South Loop

CHICAGO-The latest round of development proposals to hit the plan commission next week include 835 multifamily units in four River North and Michigan Avenue area projects as well as 468 units in two South Loop redevelopments.

By Mark Ruda | Updated on May 11, 2005

CHICAGO-Downtown’s multifamily construction boom shows no sign of abating this summer. The plan commission next week will consider four River North and Michigan Avenue area projects that would add 835 multifamily units, as well as two South Loop redevelopments that would yield another 468 units.

The most ambitious project calls for a 71-story, 353-unit mixed-use development at the northeast corner of Wabash Avenue and Monroe Street. The current 261,000-sf building, on historic Jeweler’s Row across the Chicago Transit Authority elevated tracks from the Carson Pirie Scott’s Downtown store, was acquired from three previous owners by the Art Institute from 1987 to 2000 for $12.5 million.

The South Loop projects include 253 units in a 19-story building proposed for the northeast corner of 13th and State streets, as well as 215 units at 1454 S. Michigan Ave. Both projects include retail space, with 14,000 sf at the ground floor of 1255 S. State St. as well as the first and second floors of 1454 S. Michigan Ave.

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