A national residential developer has proposed constructing a 668-foot, mixed-use tower on Chicago’s Magnificent Mile. AMLI Residential envisions a 56-story building with 498 units replacing the property best known as the home of Nike Chicago, the brand’s flagship store at 669 N. Michigan Ave., according to a Friday newsletter from Ald. Brendan Reilly, 43rd.

AMLI still needs to win approvals from city planners, City Council and Streeterville residents before it can break ground. It would be the first new skyscraper built in years on the Magnificent Mile, and could provide a much-needed shot in the arm for the well-known shopping district, which has suffered from a high retail vacancy rate .

“A new beautiful building like this will further reinforce the reputation of Chicago’s Magnificen

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