Another new apartment tower is being planned for the Loop, which is hardly a surprising headline anymore as more and more residential construction continues to transform this particular part of the city. Once thought of as Chicago’s primary business and financial district, the Loop has all of a sudden become one of the hottest places to call home now thanks to newly built high-rises such as OneEleven, Mila, 73 E. Lake, and Marquee at Block 37.
As first reported in the Tribune, Chicago-based Sterling Bay and Magellan Development are looking to demolish a brick four-story building at 300 N. Michigan Avenue to make way for the new rental tower, although details beyond that are still unclear.
As of now, Sterling Bay currently owns the possible development site, which has been the focus of more than one redevelopment proposal in recent years. Back in 2008, another developer was planning a new 52-story tower that would’ve included a hotel, apartments, and additional retail space; however the eventual recession quickly ended any possibility for such a large-scale project.
Noted by the Tribune, both Sterling Bay and Magellan are two of the Chicago’s most active developers right now with major projects already in the works in the West Loop (the new McDonald’s headquarters) and the New Eastside (Vista Tower) most notably.
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