D2 Realty and Wood Partners want to build a 173-unit apartment building next to the proposed Southbank development in the South Loop, rising near two other massive planned projects.
The developers are planning the 14-story building for the corner of Wells and Harrison streets, according to a filing with the Chicago Zoning Board of Appeals that was first reported by Crain’s.
County records show the developers last month secured a $65.7 million loan on the property. The deal with lender Compass Bank can be amended for up to $131 million, according to Cook County records.
The developers have not responded to multiple requests for comment.
The $1.2 billion Southbank project is being developed and built by Lendlease and covers the east side of the river between Harrison and Polk streets. Plans call for five high-rises with up to 2,700 units.
The first high-rise, a 29-story apartment tower at 720 South Wells Street, is expected to be completed this summer, with the second phase starting by 2019, the Chicago Tribune has reported. The rest of the project could be a mix of apartments, condos, offices and hotel rooms.
It will also feature retail, a riverwalk, a new water taxi stop and two acres of parkland.
Earlier this year Lendlease and CMK Companies dissolved their joint venture to build a larger project along the river called Riverline. As part of their separation, they broke the development site into two separate projects. Lendlease named its portion Southbank, while CMK retained the Riverline name for its portion, which runs south to Roosevelt Road.
Separately, Related Midwest plans its own project on 62 acres on the east side of the river stretching south of Roosevelt Road. [Crain’s] — John O’Brien