Developing the project, which will consist of two residentialtowers containing 764 rental apartments and 100,000-sf retailspace, are Magellan Development Group, Near North Properties, U.S.Equities and The Cataldo/Marovitz Group. Magellan and Near Northare currently trying to sheppard the huge $1.5 billion LakesideEast development proposal through the city hall approvalprocess.

The River North area in which the new development will belocated is the site of booming development of all kinds. The JohnBuck Co. is putting the finishing touches on its multi-year,nine-block North Bridge development, while a development group willsoon begin work on the $63-million redevelopment of Medinah Temple,which is located just kitty-corner from the Grand Plaza site. AlterGroup just completed a 17-story high-tech office tower at Dearbornand Kinzie Streets, which was 93% leased within 30 days ofcompletion.

The land on which Grand Plaza will be built, bordered by State,Dearborn and Ohio Streets along with Grand Avenue, was the lastparcel of near-north land owned by the American MedicalAssociation. The Grand Plaza group closed on the purchase of theland just last week. The AMA used to be one of the largest ownersof land on the near-north side before the association decided tobegin divesting itself of the properties.