City officials gave Amli Residential the go-ahead Thursday to build a 17-story tower in Old Town that will feature micro-apartments.
The Chicago developer has proposed building the 318-unit tower at 808 North Wells Street. As a transit-oriented development, the project would include just 16 on-site parking spaces.
The $75 million project also would include about 6,000 square feet of ground-floor retail.
The city’s Plan Commission approved the project Thursday.
About 80 percent of units would be studios, with the remaining 20 percent one- and two-bedrooms, according to city officials. Some 40 of the 318 planned units will be affordable.
Amli will pay $3 million to the city’s Neighborhood Opportunity Fund in exchange for being able to build a larger project.
The site at 808 North Wells Street was originally slated to house a 23-story condo building developed by Smithfield Properties, but that project stalled after Smithfield founder Bill Smith’s death in 2016.
The building is a couple blocks from where Chicago developer Cedar Street is building a 16-story addition to the Bush Temple of Music that also will include 129 micro-apartments.