While no one was looking, Wood Partners quietly planned a new 33-story apartment tower in the red hot South Loop. Renderings of the 496-unit development were recently leaked and activity at 801 S Financial indicate cranes may be in the air soon.

Wood Partners bought the site last December from McCaffery Interests and Canyon-Johnson Urban Funds in a $15.5M deal. The site is immediately north of the Roosevelt Collection, which the McCaffery-Canyon Johnson JV sold to Prudential Real Estate last year for $222M.

Although plans for the development were only recently filed with the city, the site is part of a planned development dating back to 1999, reports the Chicago Architecture Blog. Wood was able to file plans for the building, without any zoning variances or a separate PD, because it meets the guidelines of zoning entitlements governing the density and height allowances on the site. [CAB]