A high-priced condominium development may be headed to North Wabash Avenue, just north of Trump International Hotel & Tower.

Belgravia Group is in negotiations with Waterton Associates to secure the air space above an underground garage at 403 N. Wabash, where it wants to build a 16-story, 52-unit condo building. It would be the latest company to put its faith on a street that for years was considered the ugly sister to the tonier North Michigan Avenue.

That opinion has changed in recent years, first with the 2009 completion of Trump at 401 N. Wabash Ave. Then The Langham, Chicago, the local outpost of one of the world's swankiest hotel brands, opened across the street in the former IBM Building in 2013.

Most recently, the owner of The Shops at North Bridge, a group of several retailers and restaurants between State Street and Michigan Avenue, paid $42 million in late November for a block-size parcel at 441 N. Wabash Ave.

It is Belgravia's second attempt to bring a condo project to the site. The firm was in negotiations over the parcel's air rights in 2007 but the housing crash scuttled that proposal. Subsequently, another developer proposed a hotel at the site, but it did not have the support of Ald. Brendan Reilly, 42nd. Belgravia has already met with representatives at Trump as well as with residents at River Plaza, at 405 N. Wabash, to discuss his plan, Alan Lev, Belgravia's president and CEO, said.

"It's the same site, new building, different units, different everything," Lev said. "It was something we tried to do or looked at and didn't even get nearly this far at before the world crashed. We're back at it."

David Schwartz, CEO of Waterton Associates, declined comment.

Belgravia's latest proposal calls for a midrise building that would be designed to have unobstructed views of the Chicago River from all units. Units would start at more than $1 million. If it comes to pass, the deal would add Belgravia to the list of downtown developers with midrise luxury condo projects.

Lev said Belgravia's proposal would not create additional traffic in the area because the building would use some of the 400-plus spaces in the existing garage. A small green space with benches now tops the garage.

"This is a very different location from what it had been," said Gail Lissner, a vice president at Appraisal Research Counselors. "The center of gravity has pushed south over the years. it's a different site today. it isn't isolated like it might have been. There's a lot more 24/7 traffic over there."

mepodmolik@tribpub.com

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