A team of local developers is hoping to build a 550-bed, 16-story apartment tower near the IUPUI campus. The $40 million project, dubbed Paramount Tower, would target the lucrative student-housing market. A partnership of Fishers-based Paramount Realty Group and Indianapolis-based Alboher Development Co. Inc. has agreed to buy the site, a 2.3-acre parking lot east of Capitol Avenue between Michigan and North streets. IUPUI has on-campus residential space for only about 1,100 of its 30,000 students, and that space is full. Other complexes nearby are 99 percent occupied. Renderings are not yet available, but developers say the building will have a limestone face similar to the Conrad Indianapolis. The full story is here. What do you think?