Crain's Chicago Real Estate Daily is reporting that AMLI Residential has agreed to buy a South Loop site at the southwest corner of Clark and Polk and plans to develop two apartment towers with 398 units.
The current owner, Avalon Bay, acquired the site from Lennar Corp, which had planned a large condo development.
AMLI already has two projects underway in the area, one in River North and one in Evanston, and hopes to break ground on the new towers by year's end. Financing isn't expected to be an issue, since AMLI is owned by Morgan Stanley's Prime Property Fund.
We've updated our list and map of new downtown apartment projects to reflect this development.