Three blocks east of the immensely successful Randolph Tower City Apartments, a developer is looking to transform another office building to residential use. Original Spire-booster and North Side tower developer Christopher Carley, operating through his company Fordham Real Estate, has a contract to buy the 22-story office tower attached to the Oriental Theater at 32 W Randolph, reports the Sun-Times (hat tip: YoChicago). The vision, predictable but no less exciting, is to convert the 240,000 square feet to 230 "loft apartments". Carley told the Sun-Times that the timing is most opportune considering the largest tenant—our state government—may vacate in the spring. It's still mighty early in the process, but the rosiest scenario is a summertime construction start with a 15-month timetable. Our ears are to the ground.
·Chicago area condo, apartment data back an upbeat attitude [Sun-Times]