Apartment developer Aimco is planning to build two apartment towers in Edgewater.
The project will also include a park and “extending the popular public bay walk,” according to the company’s Fall investor presentation.
NYSE-listed Aimco told investors that it had completed the purchase of additional properties next to their Hamilton on the Bay apartment tower which is currently undergoing a gut renovation.
In total, the company can now construct more than 1.1M square feet of additional development, by combining the newly acquired parcels with existing property already owned next to Hamilton on the Bay.
The end of 34th Street is envisioned to be converted to allow for the park, Aimco said.
The two new towers will be luxury apartments, the presentation said.
A rendering appears to show both proposed towers as being taller than the nearby Paraiso condo buildings, which are over 50 stories and well above 500 feet.
The area is seeing explosive growth, the company said.
From Aimco’s recent presentation: