The big beige apartment tower currently under construction at 707 North Wells Street in River North has shrunken in size yet again. The building watchers at Skyscraper Page noticed that a recently issued permit for the project indicates that the developer is looking to reduce the total unit count from 51 to 43 and bring the number of parking spaces down from 53 to 41. The tower will still stand at 11 stories. A few years back, the proposal started off with a contemporary modular look, but then in 2013, the design that we are more familiar with was introduced. Last year, the project was chopped down from 12 to 11 stories, and now, the unit count is being lowered. Does this mean that the River North apartment market has hit critical mass, or does this just simply mean that there may not have been much demand for units in this project and the developer is simply adjusting for this?
·Construction permit info [Chicago Cityscape]
·Construction Has Started on River North's Beige Box Tower [Curbed Chicago]
·Previous River North coverage [Curbed Chicago]