Development site next to Grant Park hits the market: The offering will test developers' appetite for another residential high-rise near the lakefront while demand for rental units remains strong.

The developer paid $34 million this year for a full-block development site at 420 N. May St., where it has proposed a 52-story apartment tower that would be the tallest building in the trendy former meatpacking corridor. The developer of the city's tallest apartment building has put a vacant lot next to it up for sale, an offering that could tee up the development of another residential tower rising just as high, and with as many as 621 units at the southwest corner of Grant Park. Less than two blocks north of Crescent Heights' site, a 73-story, 738-unit apartment tower under construction at 1000 S. Michigan Ave. is expected to get its first tenants next year. [Extracted from the article]