“It’s going to take a lot of iPhones, watches and Genius Bar appointments to cover the cost of the new glass-enclosed Apple store being built along the Chicago River on North Michigan Avenue,” Robert Channick reports for The Chicago Tribune.

“A construction permit issued by the city Friday put the price of the project at $62 million, not including the $375 permit fee deposit or the total permit fee of $11,059.97,” Channick reports. “The 20,000-square-foot store is going up, or more precisely, down, behind a temporary black wall lining the southern border of Pioneer Court at 401 N. Michigan Ave. Plans call for a high-profile but virtually transparent plaza-level entrance leading to the below-ground store overlooking the riverwalk.”

“Work has been going on for some time, but the construction permit is the green light to build out the facility to completion, city officials said Monday. The Apple store replaces a vacant food court at the site,” Channick reports.

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MacDailyNews Take:

I give [Apple] two years before they’re turning out the lights on a very painful and expensive mistake.David Goldstein, Channel Marketing Corp. President, commenting on Apple’s plan to open retail locations, May 21, 2001