(To read more on the multifamily market, click here.)
CHICAGO-A parking lot on the northeast corner of Washington and DesPlaines streets just northwest of the Loop is the site of a proposed 190-unit condominium tower, with a 14,500-sf ground-floor retail space likely to be occupied by a Walgreen's drug store. Developer Tim Sullivan of Cornerstone Group 70, LLC tells GlobeSt.com his group hopes to break ground next spring on the $80-million project, with construction expected to take two years.
Prices will be in the neighborhood of $350 per sf to $375 per sf, Sullivan tells GlobeSt.com, for the one-, two- and three-bedroom units ranging from 700 sf to 2,400 sf. The steel and aluminum building is designed by Lucien Lagrange Architects.
"This is one of the most interesting buildings we've seen in a long time," says 42nd Ward Alderman Burton Natarus. "I wish we had more of these."
At 350 feet, the proposed 31-story building is more than twice the height allowed under the city's DX-7 zoning. At 251,000 sf, it also is 5% larger than current zoning allows, but the developer is earning the greater floor-area ratio with a $181,146 contribution to the city's affordable housing fund. The proposal was endorsed recently by the plan commission.
Sullivan's group must still acquire the 34,050-sf site from three separate property owners, according to the department of planning and development.
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