It turns out the new Apple store going up on North Michigan Avenue along the Chicago River is going to cost far less than the company initially reported.
A building permit submitted to the city at the end of October put the price of the glass-enclosed store at $62 million, not including permit fees. About a week later, Apple submitted a revision to the construction costs. The new price tag: $26.9 million.
The numbers in building permits are self-reported by the companies that file the paperwork, a spokeswoman from the city said.
The new store is being constructed along the southern border of Pioneer Court at 401 N. Michigan, with its entrance overlooking the riverwalk. The store is expected to help extend the Magnificent Mile’s retail stretch farther south. Landlords are watching the effect it will have on surrounding retail rents.
Apple will relocate to the site from its current post at 679 N. Michigan. The new store is scheduled to open in October.
Zeller Realty Group, owner of the property, first unveiled plans for the new store in November 2015. Now the building is well underway, its frame starting to climb higher than the temporary black fence surrounding it.
amarotti@chicagotribune.com
Twitter @AllyMarotti
