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John Buck Co wants to turn a parking lot at the southwest corner of Franklin and Illinois streets into a 23-story multifamily tower and unveils details of the project at a community meeting next week. It's unknown if the building will be apartments or condos. But developers are rushing to break ground on residential projects before the changes to the city's ARO take effect in October, and demand for apartments is keeping up with supply and rents are at record highs. Buck is set to deliver Mila, a 42-story apartment tower overlooking Millennium Park, next year. The River North project would be located near the Brown and Purple Lines and current plans include ground-level retail and 108 accessory parking spaces. [Crain's]
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