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$300M Condo Tower Planned for Jeweler's Row

CHICAGO-Richard A. Hanson, developer of the Heritage at Millennium Park, will preserve Jeweler's Row facades in his 71-story condominium tower at the northeast corner of Wabash Avenue and Monroe Street. The 353 units on 57 floors will top 14 stories of retail space, parking garage and health club.

By Mark Ruda | Updated on May 19, 2005

CHICAGO-Rather than defacing the Jeweler’s Row landmark district, a 71-story condominium tower at the northeast corner of Wabash Avenue and Monroe Street will be a “stunning addition” to the East Loop skyline, plan commission members agreed Thursday. Mesa Development’s $300-million, 353-unit project will add 8,500 sf of ground-floor retail space, 41,000 sf for the School of the Art Institute on the next two floors, 460 parking spaces in nine stories of parking and an 18,000-sf athletic club on the 13th and 14th floors.

Mesa Development founder Richard A. Hanson expects to begin construction next year, with completion likely in 2010. However, the project still needs city council approval, and his Monroe/Wabash Development LLC must acquire the four-building property from the Art Institute, which uses some of the space for classrooms, administrative offices and storage. Although Hanson is talking with a syndicate of banks about financing, he expects there likely will be a pre-sale requirement in the 35% to 50% range for his condos, which will average between $400 per sf to $500 per sf. “We have a long way to go yet,” he adds.

Although the 57-story reinforced concrete, aluminum and glass triangular condominium tower will sit atop of the retail space, parking garage, classrooms and athletic club, facades at 21-39 S. Wabash Ave. and 52-64 E. Monroe St. will be preserved. However, opponents criticize the 822-foot height of the new building, as well as nearly 1 million sf of mixed-use space.

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