CMK Companies, developer of the large and in charge 235 W Van Buren condo tower, has announced its intention to build a 25-story, 269-unit rental building on Wabash b/w 13th and 14th. According to Crain's, the empty lot at 1333 S Wabash has been an object of desire for past developers, namely Chicago-based Piedmont Group and its aborted condo plan. CMK bought the defaulted loan in September and is looking to capitalize on the South Loop's escalating apartment boom. AMLI and Golub are the other big players at the moment, each with 400-unit developments on the front burner. For newcomers it's the same old storyline about who will secure construction loans first in the area, where new interest goes up against finite investment. But as an unconcerned AMLI CEO Greg Mutz related to Crain's, total housing under construction is well below levels during the condo boom, when downtown developers were adding about 5,000 to 6,000 units a year.
No architect has been named, but, according to Joe Zekas of YoChicago (posting to Skyscraper Page), CMK plans to track closely to Brininstool & Lynch's design for the old Glashaus condo building.
·Developer plans South Loop apartment tower [Crain's]