Break out the silver shovels (and a construction crane or two), because it looks like Chicago might see some new high-rises in 2011 and 2012 after all. Crain's reports that Smithfield Development has secured financing for SoNo East, and that site prep has already begun. The new building will be five stories shorter than its 27-story neighbor, and although Booth Hansen designed the west tower, the Antunovich Associates website recently posted this sketch (pictured). In the Loop, developer Village Green has already begun work on Randolph Tower, a 45-story tower with crumbling terra cotta. Meanwhile, in Old Town, Hines Interests has obtained a construction loan and will start building a new 250-unit apartment building on the old Grossinger Cadillac site at 1233 N. Wells St.
· Downtown apartment boom after condo market collapse (SUBSCRIBERS ONLY) [Crain's]