|Vacant lot at 1136 S. Wabash (via Crains)|
Chicago developer Keith Giles plans to build a 24-story apartment tower on South Loop land he would buy from the city for $4.4 million.
Mayor Rahm Emanuel today introduced the potential land sale at 1136-40 S. Wabash Ave. to the City Council, according to a statement released from his office. If the sale is approved, Giles would spend $64 million developing a 280-unit apartment building on the parking lot that now stands on the 19,000-square-foot site, the statement said.Interestingly enough, it appears that the developer tried to buy the same lot for $8 million in 2009. Seems strange that the price would get chopped nearly in half given that the real estate market has seemed to improve drastically since 2009. What do we know...
According to the article the building would have 10,000 square feet of ground level retail space. As it stands now, this stretch of Wabash (generally from 11th to 14th) is one of the more vibrant areas of the neighborhood. We only imagine that this building would help that momentum.
As a reminder, their is a rumor reputable rumor floating around that a BBQ restaurant with live music is coming to 1132 S. Wabash (which is just north of where this proposed apartment tower would be).
Development is surely getting hot.