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Two Towers On Tap For River North

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More apartments are coming to River North. Vancouver-based Onni Group has ponied up a reported $17.8M for two properties in western River North with an eye toward building a pair of apartment towers. One of the sites, at 750 N. Hudson, is a 40,900-square-foot surface lot near the Cabrini-Green row homes, formerly owned by ex-Blago crony Tony Rezko. The other, at Grand and Orleans, is occupied by the old Clark & Barlow hardware store and was purchased for $8.8M. Both buildings will add more than 200 units to an already crowded downtown market that is expected to create 7,000 units by 2014. There's no timetable for either project at this early stage, nor have any plans been submitted, but the developer intends to hit the ground running. As Onni executive Dan Bell told Crain's: "We didn't buy these things to hold as land, so our intention is to proceed as quickly as we can." Godspeed! [Crain's, by subscription]