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CHICAGO-Plans for a condominium tower at the northeast corner of State and Huron streets, which have been in the works for more than three years, are ready to get off the ground, much to the dismay of relatively new owners of units in two neighboring buildings. Home Sweet Homes, LLC won an endorsement Thursday from the plan commission allowing the developers to build up to 74 units in a 27-story, 310-foot building.
Home Sweet Homes partner Robert Levin tells GlobeSt.com the developers hope to begin building on the 8,509-sf site next spring, operating under a 12-month construction schedule. One- and two-bedroom units will average 1,645 sf, according to plans filed with the city. Levin tells GlobeSt.com prices will likely be in the neighborhood of $475 per sf, which would put the eventual value of the new development at $58 million.
While two commercial buildings will be demolished to make way for the condominium tower, a four-story building that is home to the Ukrainian consulate will remain, one of several changes from original plans by the developers. In addition to razing the Ukrainian consulate building, the original plans called for up to 100 units in a 500-foot building, says 42nd Ward Alderman Burton Natarus.
The existing DX-12 zoning on the property allows Home Sweet Homes to build a 102,000-sf building. However, the developers are being allowed to increase the size of their project by nearly 40% to 140,000 sf. This earns the developer density bonuses for upper-level setbacks, an environmentally-friendly "green roof" and a $153,126 contribution to the city's affordable housing fund.
The plan commission recommended city council approval of the project despite objections from the leader of a condominium association at the nearby Fordham condominium building, objecting to the building's size, height, increased traffic and lack of notice. However, Natarus was surprised to hear objections.
"This planned development was filed on 2002; this is 2005," Natarus says. "I've attended eight meetings in that building, and I've talked to people."
In addition to noting the plans for Huron and State streets preceded development of the Fordham as well as nearby Pinnacle condominium towers, Natarus says the Near North Side has historically been a high-rise area, and down-zoning should not be employed to protect condominium owners' views. "Twenty-seven stories is not a tall building in the City of Chicago," he adds.
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