D2 Realty and Wood Partners will build an apartment complex in the South Loop, the latest project in a string of riverfront developments expected to reshape the area.
Chicago-based D2 and Atlanta-based Wood received a permit this week for a 14-story, 173-unit building at 207 West Harrison Street. The developers ultimately plan a two-building, 368,000-square-foot complex with 346 total units known as Alta Grand Central.
The initial phase of the work is expected to cost $43 million, according to building permit documents.
County records show the developers earlier this year secured a $65.7 million loan on the property. Compass Bank provided the financing, which can be amended for up to $131 million, according to Cook County records.
Walsh Construction is the general contractor on the project, designed by Pappageorge Haymes Partners.
The D2/Wood project is adjacent to the site of Lendlease’s $1.2 billion Southbank development, where plans call for five high-rises with up to 2,700 residential units. The first building, the 29-story, 452-unit Cooper apartment tower at 720 South Wells Street, has already welcomed its first tenants. The rest of that project could be a mix of apartments, condos, offices and hotel rooms.
Earlier this year, Lendlease and CMK Companies dissolved their joint venture to build a larger project along the river called Riverline. As part of their split, they broke the development site into two separate projects. Lendlease named its portion Southbank, while CMK retained the Riverline name for its portion, which runs south to Roosevelt Road.
South of Roosevelt, Related Midwest plans The 78, a $5 billion project that could include 13 million square feet of new residential, office and hotel space — in buildings as tall as 950 feet — on a 62-acre swath of undeveloped riverfront land.