Crescent Heights revealed the name of its first Chicago ground-up development. One Grant Park, an 829-foot-tall luxury apartment building, began construction last month, courtesy of a $203M construction loan. It's the fourth nine-figure loan for a Chicago construction project issued in the past month.

One Grant Park is certainly ambitious, even in this packed multifamily market. The 76-story building would be the tallest building south of Van Buren Street. The building, designed by noted architect Rafael Viñoly, will include a mix of studio, one-, two- and three-bedroom apartments designed by the Rockwell Group. Viñoly's design is a nod toward Willis Tower, with a step effect and rooftop terraces at varying heights, while offering unobstructed views of Grant Park, the lakefront and Museum Campus.

This is only the beginning. Crescent Heights is planning a taller twin tower immediately to the west, and is building 100 townhomes and a public park near Indiana Avenue.