Amli Residential is proposing a 56-story apartment tower with 498 units at the northeast corner of Michigan Avenue and Erie Street.

The development at 669 N. Michigan Ave. would have about 27K SF of retail on the building's first and second floors, as well as 199 parking spaces, according to a newsletter from 42nd Ward Alderman Brendan Reilly. Project costs and a development timeline weren't disclosed in the newsletter or Amli's accompanying public presentation.

A predecessor of British real estate investment management firm Mark Capital Management bought the building and two others connected to it for $295M in 2015, Crain's Chicago Business reported. The site houses a Nike store.

Mark Capital declined to comment on the proposal. Amli did not immediately return a request for comment.

The project's location — a stone's throw away from the Chicago Red Line CTA stop — minimizes its reliance on cars, Amli wrote in its presentation. The developer aims to leverage the project's access to public transportation and provide 200 spaces for bike storage to reduce the building's environmental footprint.

Amli has a portfolio of luxury apartment properties throughout the country, including seven apartment buildings in Chicago and the surrounding suburbs.

The project is estimated to generate 400 on-site construction jobs and between 95 to 100 permanent jobs. Amli would set aside 50 of its 498 proposed units as affordable and make an in-lieu payment for the other 10% required by the city.

The Michigan Avenue proposal will be reviewed at an upcoming Chicago Plan Commission meeting and requires subsequent city council approval, according to the newsletter.

"This project represents continued private investment along the Magnificent Mile and supports efforts to keep Michigan Avenue an active and attractive corridor for residents, businesses, and visitors," Reilly said in his newsletter.