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M & R Development, with city approval in hand, has been clearing a site at Lake & Wabash in preparations for its 42-story Summit on Lake luxury apartment tower. Word this afternoon from Crain's is that M & R is ready to break ground, possibly by the end of the month. The 332-unit project will cost roughly $116M, or $349K a unit, so you know they'll be looking to cash in on renters with deep pockets. The new units represent a significant but still relatively small piece of the 7,200 downtown apartments projected to be built between now and the end of 2014. Will supply outstrip demand? Some think so, but M & R prez Tony Rossi thinks the market can easily handle 2,000 to 3,000 units each year. [Crain's, previously]