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Apartment tower planned for Near North Side

Falling sales for condos around Chicago, combined with rising rental rates on apartments around downtown have led many developers to focus on new apartment towers.

Developers have just announced plans for one of the largest projects to come on the market in recent months. Lynd Co, a San Antonio-based developer has purchased a parcel at 161 W. Kinzie St for a reported $11.8 million. The developer plans to build a 32-story apartment tower that would have a total of 263 apartments.

The development will also offer a total of 25,000 square feet of retail space and a parking garage with space for 213 cars. Plans for the building have already been approved by the Chicago Plan Commission.

The apartment development will offer luxury units in the heart of River North, next to the Merchandise Mart. The area is one of the most popular in the city, and boasts vacancy rates of under 5 percent. This has led to an annual increase in rents in the area of about 4 to 5 percent on average.

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This entry was posted on Thursday, January 24th, 2008 at 1:22 pm and is filed under Real Estate Agents . You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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