Even with development already crazy right now in River North, another residential tower appears to be in the works from Lennar Multifamily Community. Just recently announced were plans to build a sleek new apartment tower at 675 N. Wells, which is currently occupied by a 24,193 square foot parking lot.
A number of rental buildings are already under construction all around the 675 N. Wells site, not notably at 167 W. Erie, 640 N. Wells, and 730 N. LaSalle. With so many new rentals having already hit the market, and so many also on the way, it’s hard to say whether Chicago’s apartment market will maintain its current red hot status.
Just this year alone, developers are finishing off 4,000 new units in downtown Chicago, while 2017 is expected to bring another 4,400 units. And although the new proposed apartment tower at 675 N. Wells is expected to be much shorter than many of the other surrounding developments, early plans still have the building containing 180 units.
Given it’s still so early in the planning stages, a lot could still change with this particular project.