CHICAGO-Financing is in place for one more South Loop condominium tower. Corus Bank is writing a $92-million construction loan for the Columbian project at 1160 S. Michigan Ave., which is expected to add 220 units in a 46-story building at the southwest corner of Grant Park.

Corus Bank is providing the developer, Davis Group, a non-recourse loan. The Davis Group includes Allison S. Davis, a member of the city’s plan commission.

In addition for a 229-space parking garage, plans for the Columbian include ground-floor retail space. The building, designed by DeStefano + Partners, will include units ranging from 825 sf to 6,000 sf.

The development site is north of Roosevelt Road as well as the Central Station development. This summer, plans were endorsed for 798 more units in the 1300 and 1400 blocks of S. Michigan Avenue. However, potential competition five blocks north has been eliminated, as a conversion of the Blackstone Hotel was scrapped with its sale to Sage Hospitality Resources, which is converting it to a Marriott Renaissance.

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