How hot is the downtown apartment market? It's so sizzling that developers are willing to shoehorn multifamily projects on any parcel they can find. Ogden Development's Mark Ordower wants to build a seven-story, 60-unit building at 171 N Wabash. The site is currently used as a parking lot.
If the project is approved, Ordower's proposal would add to more than 8,000 apartments in the downtown pipeline expected to deliver in the next two years. The parking lot has the benefit of being near Millennium Park (and Gold Coast Dogs, if you crave a good hot dog). The location is also a curse, as it's steps away from the "L" tracks, which may deter prospective renters.
The area around Wabash and Lake streets is bustling with multifamily development activity. A 690-unit tower is being built atop Block 37, while the 43-story 73 E Lake was delivered last year. Another multifamily development is planned for 200 N Michigan, in the heart of the Mag Mile. [Crain's]
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