"This is a very, very handsome piece of architecture and is replacing some very drab buildings," says 42nd Ward Alderman Burton Natarus. Five low-rise buildings now occupy the 12,820-sf development site, which is across the street from a new Marriott hotel.
The restaurants, or other retailers, could occupy space on the first and second floors of Plati's new building, as well as the basement. Above that will be 11 floors of parking for 184 vehicles. The condominium would begin on the 16th floor with a fitness center and meeting room.
The nearly 280,000-sf building is 36% larger than underlying zoning allows. However, the plan commission's recommendation includes bonuses for upper-level setbacks and a $1.6-million contribution to the city's affordable housing fund. In addition, Plati has agreed to pay the city $75,000 for a traffic median on Michigan Avenue.
Plati tells GlobeSt.com he hopes to begin construction on the condominium tower in early 2006, with completion expected in 2008. Units will range from less than $300,000 to under $1 million, he adds.
"The overall design is good, but we have questions about the garage access and sidewalk cafes," says Streeterville Organization of Active Residents president Jim Houston. The group is concerned about "creeping exacerbation of congestions" on all neighborhood streets, he adds.
Plati's projects include a project under construction at 340 W. Superior St. in River North.
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