Newport Realty will start on an apartment project at a key intersection in Lakeview.
The Chicago firm received a building permit for the five-story structure with 24 units over ground-floor retail at 3200 North Southport Avenue.
The 31,000-square-foot building is expected to cost $6 million to build, according to documents filed with the building permit application.
Newport in July received a permit to tear down the one-story building that was on the property.
The site is not far from where Interra Realty and the Heart of America Group plan a 56-unit apartment building over ground-floor retail.
The firms are looking to take advantage of Chicago’s robust rental market, fueled in part by young workers looking to live close to work and an ongoing trend of renting instead of buying.