CHICAGO-The developer of the 42-story Optima Center high-riseapartment building here is planning to build an even tallerbuilding next door.

A group led by Optima Inc. of Glencoe islooking to build a $250-million apartment building that could reach60-stories in height, according to Optima President DavidHovey. The partnership acquired a one-acre parcel at 220E. Illinois St. last month for $29 million. The property isadjacent to its 325-unit Optima Center project it is currentlydeveloping as well.

The second tower building would contain 400 apartments,60,000-square feet of single-tenant retail space and a 200-roomhotel, according to Crain's Chicago Business.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.