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Golub & Co to Bring Another Rental Tower Into the World

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Add to Golub & Co's planned 45-story Streeterville tower a 35-story, 392-unit apartment tower in the South Loop. Curbed wrote two weeks ago of Golub's purchase of the failed X/O condo site at 1712 S Prairie, and their uncertain attitude toward South Loop development. Well, they seem to have gotten in touch with their feelings on the matter, agreeing to pay $6M to the City for another property at State and Ninth. Additionally, Golub will donate $3.9M to the City's housing coffers to absolve themselves of any duty to include affordable units. The City had hoped for about $8.5M for the site, but Golub was the only bidder. Projected to cost $111 million, according to Crain's, Golub intends on pricing rents at around $2.70/sf, well above the South Loop's $2.17 and pricier than the most expensive building to date, the former Terrazio condo tower which charges $2.55. Just how it expects to do that is unclear. But count on bling. Updates to come...
·Golub plans South Loop apartment tower [Crain's]
·Unarrested Development [Curbed]