The $130-million project is being developed by the Educational Advancement Fund, Inc., a non-profit corporation made up of Columbia College, DePaul University and Roosevelt University, whose combined 25,000 students could find lodging in the Downtown dorm. The 19-story residence hall, slated for occupancy by the fall 2004 semester, will be built on 1.4 acres that is now used by the city as a parking lot. The first two floors will have 34,000 sf of retail space.

"One of the principles for the East Loop was strengthening the academic core along Congress Parkway," says assistant planning and development commissioner Jack Swenson.

Student housing consultant Scion Group LLC found that while student populations are increasing downtown, available housing continues to shrink with the conversion of rental buildings into condominiums.