Midtown 6 has obtained a $110m construction loan, according to The Real Deal.
The 32-story tower will include 447 apartments and 40,000 square feet of retail space on the ground floor. A parking garage will have 601 spaces.
A grocery store on the ground floor has previously been announced.
The development team, which include Chicago’s Magellan Development Group and a company controlled by Alex Vadia, closed on the purchase of the 2.14 acre Midtown 6 property for $27.9 million.
Next door, Magellan is also planning Midtown 7, with 391 units. That site was not a part of the sale.
Midtown 5, also developed by Magellan, opened earlier this year and quickly reached 50 percent leased.
BKL Architecture of Chicago is the architect of all three towers.