The developer of a new Streeterville apartment tower is teeing up plans for another one next door, adding to the bulging pipeline of downtown rental projects.
A venture led by Glencoe-based Optima Inc. paid $29 million last month for a one-acre site at 220 E. Illinois St., where it plans a $250 million skyscraper rising as high as 60 stories, said David Hovey, Optima’s president.
The tower would include 400 apartments, a 200-room hotel and a 60,000-square-foot retail space designed for a single tenant, Mr. Hovey said. It would be immediately east of Optima Center, a 42-story, 325-unit building at 200 E. Illinois St. that Mr. Hovey’s firm is also building. Optima hopes to complete the second tower in 2017.
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