Five-developer stampede nearly packs River North nightclub

Have trouble wrapping your mind around that headline? Let the headline and lede of a recent Crain’s Chicago Business article unpack it:

Developers stampede River North with apartment projects
There are nearly enough developers with apartment proposals streaming into River North to fill one of the neighborhood’s thumping nightclubs.

Five projects worth roughly $500 million, including plans by Magellan Development Group LLC and the Kennedy family, would add nearly 1,500 units to the upscale area. The bulging pipeline comes on top of nearly 900 units scheduled to be completed this year, including a 450-unit tower near the East Bank Club by Chicago-based developer Habitat Co.

Plans by Magellan?

Less than a mile north of Wolf Point, Magellan is planning a 38-story apartment tower on the site of the Gino’s East restaurant at Wells and Ontario streets, which would be torn down.

We’ve updated our list of new downtown apartment projects accordingly.

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