With big apartment developments already under way in River North and Evanston, Amli Residential is working up plans for its third local one, a two-tower 398-unit project in the South Loop.
Amli CEO Greg Mutz confirms that the Chicago-based developer has signed a contract to buy the 3.5-acre site at the southwest corner of Clark and Polk streets, where it would build the project, just north of a 440-unit apartment building it owns.
“We really want to start this thing this year,” Mr. Mutz says. “We think the South Loop has a lot of upside.”
Amli is buying the property from AvalonBay Communities Inc., which had planned on building as many as 1,000 apartments on the parcel but backed off after the real estate market crashed in 2008.
The good times have returned to the apartment sector, allowing Amli and other landlords to hike rents as their buildings have filled up. And a building boom is well under way, with Amli starting construction last fall on a 409-unit tower in River North and a 214-unit project in north suburban Evanston.