Amli Residential Properties Trust is planning to construct a $75 million, 17-story tower, comprising 318 units at 808 N. Wells St. in Chicago, The Real Deal reported.

Chicago's Plan Commission approved the project Dec. 20, the paper added.

The development will feature micro-apartments, roughly 6,000 square feet of ground-floor retail and 16 on-site parking spaces in Old Town. The 318 units will include about 40 affordable units, according to the Dec. 20 report, which added that Amli will pay $3 million to the city's Neighborhood Opportunity Fund in order to build a larger project.

Smithfield Properties LLC had planned to develop a 23-story condo building at 808 N. Wells St.