RIVER NORTH — The construction cranes circling River North are poised to get even busier.
Chicago developer Centrum Partners LLC has proposed an eight-story office building and adjoining 22-story, 193-unit residential tower at the southwest corner of Hubbard and Wells streets, according to a newsletter Ald. Brendan Reilly (42nd) sent neighbors.
Reilly and the River North Residents Association will host a community meeting on the proposal at 6 p.m. March 31 at Paris Club, 59 W. Hubbard St.
The plans arrive amid a building boom in River North, the epicenter of new construction in Chicago. Developers plan to build another record number of Downtown apartments this year as local rents continue to rise.
In an interview, Centrum Managing Partner John McLinden said the residential tower will be comprised of rental apartments. The developer owns one of the development sites, and is under contract to buy another from the Chicago Transit Authority. Both properties are vacant.
The proposed development is at a bustling intersection near the Merchandise Mart CTA station, in what McLinden calls an "A-plus location."
"For those reasons and many others we’re very excited," he said.
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