A City-owned South Loop parking lot will be redeveloped as a 24-story apartment tower through a land sale approved today by City Council.

The 19,000-square-foot site at 1136-40 S. Wabash will be sold for $4.4 million to 1136 S. Wabash LLC for redevelopment as a 280-unit high-rise. The $64 million tower, designed by the architectural firm of Solomon, Cordwell and Buenz, will also include 10,000-square-feet of ground floor retail space and a second level parking garage for at least 84 cars. Amenities will include recreational space, an outdoor deck and a green roof.

The complex will create 50 permanent jobs and more than 80 temporary construction jobs.

As a requirement of the sale, the developer will pay $670,000 into the City’s Affordable Housing Opportunity Fund. The fund assists with the construction and rehabilitation of affordable housing throughout the city.

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