Another ultra-pricey condo tower is looking to join a handful of similar projects throughout the Near North Side. According to Crain's, a local developer wants to build a 29-story tower on what is currently a surface parking lot at 1028 N. Dearborn Street. While it's not officially confirmed whether the residences will be rentals or condos, it's almost certain that the project will be building new condos. According to Dennis Rodkin's calculations, the development will feature only two units per floor, meaning that the residences could be somewhere in the range of 4,500 square feet. A couple of other recent developments are offering large new condos for exorbitant prices, specifically No. 9 Walton and 4 East Elm. There may be more room in the ultra-high end market and perhaps this new tower is looking to get in on the demand.
·29-story residential tower proposed near Newberry Library [Crain's]