Nearly 350 more apartments could be coming to the Loop if LMC’s plans for a new, 26-story building get approved.
The subsidiary of Miami-based Lennar is seeking to build a 344-unit apartment building at 410 South Wabash Avenue, according to Curbed. The building would rise 260 feet on a site that currently holds a parking lot.
LMC’s plans call for 344 apartments, including 220 studios, 60 one-bedrooms, 61 two-bedrooms and three three-bedrooms, according to Curbed. The building would include ground-floor retail and 104 parking spaces.
Plans for the development were released at a recent community meeting held by Alderman Sophia King (4th). The project would not require a rezoning, Curbed reported. Chicago-based Antunovich Associates is designing the project.
The Loop project would be LMC’s fourth in Chicago. Last year it delivered the 176-unit Marlowe apartment building in River North and has multifamily buildings in Oak Park and Bolingbrook.
The firm isn’t the only one looking to redevelop a Loop parking structure into apartments. At 50 East Randolph, Moceri + Roszak is seeking to build a 25-story apartment building on the current site of a parking garage.
LMC’s project comes amid heightened apartment deliveries and even greater demand for rentals in the Downtown area. Despite more than 8,000 new apartments set to go online in the next three years, demand is likely to outpace deliveries.
[Curbed] — Joe Ward