Financing for both are not concrete. Gerald Fogelson, developer of the Central Station neighborhood, says he is working on a letter of credit for the $60-million building at 12th and Indiana, which would include office and retail uses as well on the lower floors of the 20-story structure. Meanwhile, Bernard Citron of 17th & Indiana LLC says lenders were hesitant to begin talks until the group won city approval. Matias Graf of the John Buck Co., a member of the development group, indicated 98% financing was being sought.

Rents in the 17th and Indiana building would run about $2,000 a month for a 1,000-sf apartment.

Both projects won the endorsement of the South Loop Planning Association and 42nd Ward Alderman Burton Natarus. "In this city, there is a need for rental," Natarus says. "I think the rents are a little high, but there may be some professionals from inside and the city and outside who would be willing to pay it."