Apartment tower slated for River North
(Crain's) — AMLI Residential Partners LLC plans to build a 49-story apartment tower in River North after striking a deal with developer Albert Friedman.
Chicago-based AMLI signed a 100-year lease on a 12,617-square foot site on the southeast corner of Clark and Hubbard streets, property records show. The 427-unit building would be just north of the 11-story Greenway Self Park garage, which Mr. Friedman completed last year.
The apartment tower residents would have access to a landscaped deck on the top of the garage that is to include a pool, jogging path and dog runs, according to zoning and property documents.
AMLI expects to start construction next year at the earliest, which would enable the project to be completed by 2013, but the timeline is subject to market conditions, says Stephen C. Ross, AMLI's executive vice-president of development.
The tower would be AMLI's second in downtown Chicago, following the completion of a 440-unit building at 900 S. Clark St. in 2008. That building is now fully leased, according to Mr. Ross.
The little-noticed River North deal closed in April but was highlighted in a recent newsletter by Mr. Friedman's Chicago-based firm, Friedman Properties Ltd.
The site is west of Brasserie Jo, 59 W. Hubbard St.
It's a first-time partnership between Friedman and AMLI, which was purchased by Morgan Stanley's Prime Property Fund in 2006 for $2.1 billion.
As part of the deal, AMLI has agreed to lease retail space in the building, about 4,500 square feet, to Mr. Friedman. The lease runs for 20 years. Mr. Friedman has yet to identify a tenant, but says he will be "very selective and careful" about picking a tenant that complements other retail users in the neighborhood.
Meanwhile, gourmet grocer Fox & Obel plans to park its second location in the Greenway garage, 60 W. Kinzie St., where the company has signed a long-term lease for 16,000 square feet.
The new store will most likely open during the first quarter of 2011, according to Bill Bolton, who leads the investment group that bought Fox & Obel in 2008. Mr. Bolton is a former CEO of Supervalu Inc., which owns Jewel-Osco.
The new location, which would have close to 300-feet of frontage along Kinzie and Clark streets, is to include a market, café and bistro seating area with a wine bar, much like the flagship store in Streeterville, which opened in 2001 at 401 E. Illinois St. One of the unique features is an outdoor dining area that's to be open during the warmer months.
The grocer first announced its intent to expand back in 2006 but in 2008 scuttled plans to open a store in the former Carson Pirie & Scott building on State Street.
