CHICAGO—Demand for new residential units in the South Loop remains strong, and the burgeoning neighborhood is about to get a whole new batch. The Chicago Plan Commission has just approved the first phase of 1200 S. Indiana, a three-phase residential development located at the southwest corner of Grant Park.

Formerly referred to as 113 E. Roosevelt, the first phase is a 76-story, 829-foot rental tower designed by Rafael Viñoly Architects which will be one of the tallest residential buildings in Chicago.

"1200 S. Indiana will offer residents not only a marquee address, but also breathtaking views in every residence, from those overlooking iconic Grant Park, to the cityscape, to Lake Michigan," says Bruce A. Menin, principal at the developer Crescent Heights. "We are grateful for the support this project has received from Alderman Pat Dowell as well as the community, and are incredibly fortunate to have secured Rafael Viñoly for this important site."

Some parks' advocates have worried that the project will have a negative impact on the park, and Crescent Heights has agreed to contribute about $300,000 to the Chicago Park District, which will use the funds to make improvements to Webster Park, Chicago Women's Park and Gardens, and Armstrong Park. The firm is also contributing to the historic preservation of 2nd Presbyterian Church and Quinn Chapel AME Church.

Phase one will feature 792 units, multiple amenity floors, and a total of 622 parking spaces. The building will include a mix of apartments, from studios to three-bedroom homes. In addition to an indoor and outdoor pool, fitness and gathering spaces, the building will include a host of new amenities that the developer will unveil in the coming months.

"This development bears a tremendous responsibility to provide a visual anchor at the south end of Grant Park, bookending the park with the Aon Center," says Viñoly, principal and founder of Rafael Viñoly Architects. "It has been designed to carefully establish a dialogue with the surrounding skyline, and to place emphasis on the park as the heart of Chicago's Burnham Plan."

The 3-acre site was purchased by S Loop Chicago Development, LLC in 2012. Construction for the first phase is expected to begin in late 2016. McHugh Construction, in a joint venture with Ujamaa Construction, has been selected as the general contractor.