Financing for the 20-story building was provided by the Multi-Employer Property Trust.
The building, at 145 South Wells St, is being built on spec. It will have ground-floor retail and 24 parking spaces. The high rise is being constructed on the site of a now-demolished four-story parking garage along the L tracks.
The developer is a partnership of Convergint Technologies co-founder Dan Moceri, along with Michael Moceri and Thomas Roszak of Thomas Roszak Architecture, which is designing the building.