Developer John Murphy has just announced a new 48-story apartment project for the South Loop. The building, in the middle of the 1300 block of South Michigan Avenue, features an all-glass SCB design and will include around 500 units, mostly studios and one-bedrooms. While the target market will be renters looking for luxury with lots of amenities, Murphy was quick to point out that he wasn't interested in the ultra-expensive luxury buildings popping up around the downtown area with prices over $4 per square foot. Instead, Murphy indicated that he wanted to be priced below $3 per square foot, which he referred to it as "affordable luxury."
At least 8,000 square feet of retail space would be built into the base, which would also include a four-story parking structure with room for about 240 vehicles. The nearly 1:2 parking ratio is a little on the high side, but appears to be a concession to the neighborhood which will vociferously complain about the amount of parking and traffic in the area and seem to think that adding more cars will solve that. Apartments in the 490-foot building will average around 730 square feet.