Amli Residential plans a 297-unit micro-apartment building in River North, with a portion of the units classified as affordable.
The Chicago developer’s 17-story building at 808 North Wells Street would feature units averaging 548 square feet on a property where Smithfield Properties had proposed a 23-story condo building, according to Crain’s.
That project never materialized after Smithfield founder Bill Smith died in 2016.
Apartments in the Amli building, the company’s third in Chicago, would rent for about $1,800 per month.
Some 10 percent of the apartments would be defined as affordable, and Amli plans to pay $2.5 million into the city’s opportunity bonus fund. As a transit-oriented development, the project would include no on-site parking.
The building is a couple blocks from where Chicago developer Cedar Street is building a 16-story addition to the Bush Temple of Music that will include 129 micro-apartments.
The two developers are among many looking to take advantage of a strong downtown apartment market, where rents in Class A buildings rose to a record $3.18 per square foot in the second quarter. [Crain’s] — John O’Brien