Search
 

Commission Endorses $61M Multifamily Tower for River North

CHICAGO-Niles-based Newport Builders, Inc. plans a 182-unit, $61-million multifamily tower at 212 E. Erie St., designed to blend in with the neighboring Huron Lofts and three-story Flair House commercial building.

By Mark Ruda | Updated on December 21, 2005

(To read more on the multifamily market, click here.)

CHICAGO-A 182-unit multifamily rental tower will rise at 212 W. Erie St., but not at the expense of a River North loft building and three-story commercial property. The $61-million project will incorporate the six-story Huron Lofts at 217-35 W. Huron St. as well as the 5,500-sf Flair House.

Plan commission members Thursday endorsed the 350,000-sf project, including a density bonus increasing the total square footage of the development by 47%. In addition to rezoning, city officials are recommending an increase of 70,000 sf in exchange for Niles-based Newport Builders Inc.’s $1.4-million contribution to their affordable housing fund.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.