A City-owned parking lot in the South Loop will be redeveloped into a 39-story apartment tower through a land sale approved today by City Council.
The 39,000-square-foot site on the southeast corner of 9th and State streets will be sold for $6 million to Ninth St. Investors LLC, the successful respondent to a request for proposals (RFP) issued by the City in 2010. The goal of the RFP was to foster the site’s redevelopment with a high-quality, mixed-use building containing ground-floor retail uses and on-site parking.
The $111 million tower designed by SCB Architects will include 396 market-rate rental units, 9,500 square feet of ground floor retail space, and four levels of parking for at least 248 cars.Construction is slated to begin in 2014.
We posted about this building in May of 2012 and it's been a topic on our message board recently.
While it ain't the sexiest building in the world, it's better than a parking lot!
(Hat tip: Chris!)