|Developer Eyeing 1333 S. Wabash for Apartment Building (Image from Curbed Chicago)|
CMK Cos. is stepping into the downtown apartment boom with one leg still knee-deep in the condo market.
The Chicago-based developer plans to build 268 apartments on the site of an aborted South Loop condominium project as it continues to chip away at a big pile of unsold condos in its own high-rise a couple blocks south of the Willis Tower.
CMK is joining the herd of developers jumping into the hot downtown apartment market, attracted by rising occupancies and record rents. The question is whether the firm will be among those to secure a construction loan for its project, a $60-million, 25-story tower at 1333 S. Wabash Ave.The article goes on to also provide an update on two other similar plans that are much further along:
In the South Loop, Chicago-based Golub & Co. plans a long sought 392-unit tower at Ninth and State streets, while Amli Residential, also based here, is getting ready to break ground on a 398-unit apartment complex at Clark and Polk streets.Seems like the good 'ol days in development (which we mean pre-2008). There sure seems to be a lot of talk about new buildings going up in the neighborhood (see post this morning on British School of Chicago).
Anyway, CMK has a long history in the South Loop. They were the developers of The Garden Terraces (1430-40 S. Michigan), 1620 South Michigan, 1720 South Michigan and Michigan Avenue Gardens (1808 S. Michigan).
Finally, we would be remissed if we didn't quickly link to two other projects that were planned for this stretch of South Wabash (granted these were boom time projects). See old renderings below. The first was the infamous Glashaus that was slated for 1327 S. Wabash. Next door would have been 1349 South Wabash, a building designed by See Wong a developer active in Chinatown.
While we're not sure, it sounds like this new proposal would be for both lots?