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New Michigan Avenue Hotel, River North Condos Clear City Panel

 The tower at 168 N. Michigan Ave.
The tower at 168 N. Michigan Ave.
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DNAinfo/David Matthews

DOWNTOWN — Things are looking up again Downtown.

The Chicago Plan Commission signed off Thursday on two new high-rise developments: a 25-story condominium tower in River North and a 210-room hotel near Millennium Park. 

Proposed by Chicago-based JFJ Development, the condo tower at 330 W. Huron St. would include large, luxury condos replacing a longtime parking lot at Franklin and Huron streets.

 Developer Musa Tadros began ripping the terracotta facade off the century-old tower but never went further with the project. He sold the property last year.
Developer Musa Tadros began ripping the terracotta facade off the century-old tower but never went further with the project. He sold the property last year.
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DNAinfo/David Matthews

With home prices nearing or exceeding pre-bust levels across the city, JFJ is selling two- and three-bedroom units asking between roughly $600 and $700 per square foot — or $1.6 million for the average 2,500-square-foot place. 

Jon Zitzman, JFJ's founder and president, told neighbors late last year the site's zoning didn't allow for the number of apartments to make sense economically. 

"We explored apartments and it just didn't work," Zitzman said in December. "And I'm a condo builder."

RELATED: Here's a First Look at the Newest Proposed River North Tower

The hotel planned for 168 N. Michigan Ave. has a more sordid history. Southwest suburban developer Musa Tadros bought the century-old terracotta tower in 2012 with plans for a hotel, but never got started after getting dragged into an odd permitting battle. 

Tadros began ripping the facade off the vintage tower but never went further, leaving the building in that state for years until selling the property to Oxford Capital Group — the developer of the nearby LondonHouse Hotel — late last year, according to Crain's.

Oxford plans to top the terracotta tower with a five-floor glass addition, the city says. A hotel brand has yet to be announced.

The River North condo project requires final approval from the City Council, but approval is expected. The Michigan Avenue hotel falls under the city's lakefront protection district and does not require further approval, a city spokesman said. 

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