25-Story Rental Tower Coming to the Sloop; Apparently will Block Hebru Brantley Wabash Arts Corridor Mural

And here comes another new development (via Curbed):

Last week, renderings were released for an upcoming project at 1136-40 South Wabash, a property that sits adjacent to the CTA Roosevelt station. The project was recently revealed to the Greater South Loop Association and marks yet one more residential project for the booming South Loop area. The proposal is being developed by a joint venture of Keith Giles and CA Ventures and will be constructed on a city owned surface parking lot which the development team has a contract to purchase from the city for $4.4 million. The proposal's latest version calls for a 25-story rental apartment building, with residences stacked between floors 5 through 24. The first three levels will be reserved for parking and ground level retail space, while the fourth level will feature the building's amenities. Capping the top of the building would be a 25th floor lounge.

Apparently it's moving forward pretty quickly judging by pictures and this blurb:

Before the recession hit, the site was targeted for developing student housing, but this like another planned dorm tower at Van Buren and Wabash never got off the ground before the economic downturn hit. The site has seen soil testing and some potholing to examine the composition of the site's subterranean geology and the locations of buried foundations from previous buildings. Lend Lease, the general contractor who is currently working on CMK's nearby apartment tower 1333 South Wabash has since been hired to build the 1136-40 project, which is expected to begin fairly soon as no zoning change is needed.

DNAinfo had a story on the project and provided some more details on what type of rental units it would be:

Giles unveiled plans last week for the 24-story, 320-unit apartment tower he wants to build at 1136-40 S. Wabash Ave. And he's hopping on a national trend: Half of those units will be studio "quasi-micro" apartments.  

"We’re trying to meet the demands of younger people that would rather live alone and can only afford under $2,000" rent, Giles said.

The DNAinfo story states that the building will also have a rooftop bar which could be a nice addition to the Sloop (since there aren't a ton).

Our Sloopin Development Tracker is updated with this project.

Finally, if you're looking at the picture above you will probably notice that this lot is next to the sweet Hebru Brantley Wabash Arts Corridor mural.  Looks like that's going bye-bye (unfortunately).