Regardless, it does look like the developer of this property (on the east side of Wells) did get their permits recently (via Chicago Cityscape):
New 4 story residential building of type iii-b construction. ground floor commercial space with 42 residential units and 42 parking spaces at the ground floor. building is fully sprinkled. 837 s. wells st
While some might complain about losing a parking lot (most likely people who have cars and use this lot) it is probably a good development as it will bring additional density to a rapidly changing street in the Sloop.
We haven't seen renderings, but will keep our eyes open.
(Hat tip: PO!)