Developer John Buck has recently scored an $89 million loan to begin construction of the new 200 N Michigan tower in the Loop. The 42 story bKL designed building received approval from the city last December, but securing funding was the remaining roadblock for the project. The total cost of the development is expected to reach $100 million and construction is expected to begin in the next few weeks. Once completed next year, the tower will contain 402 apartment units and 25,000 square feet of retail space on the first two floors. Crain's reports that the project is notable for being the first rental apartment development on Michigan Ave for decades. Rental units will average around 800 square feet, and the building will contain studios, along with one and two bedroom apartments.
· Buck scores $89 million loan to build Michigan Avenue apartment tower [Crain's]
· Prominent Developer Pitches Rental Tower for Michigan & Lake [Curbed Chicago]