Last we heard, AMLI Residential was planning to break ground on a rather unsightly 49-story high-rise at the southeast corner of Clark and Hubbard streets in October. Now, it sounds like the construction timetable has been pushed forward a bit. Quoted in a new REJournals article about the current apartment boom in Chicago, AMLI executive vice president of development Stephen Ross says the company could break ground on the new building as soon as September. Unlike many of the other proposed apartment towers around town, AMLI doesn't have to worry about securing a construction loan, because the company plans to finance the building itself. However, Ross tells REJournals that the company is still seeking permits for the tower. If all goes according to plan, the first of the 409 apartments could be ready for occupancy as soon as April 2013.
· Apartment market heats up [REJournals]
· River North Apartment Tower Set to Break Ground by October [Curbed]