(To read more on the multifamily market, click here.)
CHICAGO-A $350-million multifamily development, which would include 1,000 units in three towers, is planned for 3.7 acres on the Near South Side. Lennar Communities of Chicago LLC plans to build three towers ranging from 34 stories to 42 stories in the 800 block of South Clark Street.
Lennar Communities' project is planned one block south of the Residences at Burnham Pointe, a condominium tower developed by Terrapin Properties, LLC. It would include three parking garages, on a site that now is a parking lot. Lennar Communities acquired the site from Nashville-based Allright Parking earlier this year for $13.3 million, according to documents on file with the Cook County Recorder of Deeds office.
Although Near South Side residents have complained the development will create a canyon effect on Clark Street, Lennar Communities was urged by the Department of Planning and Development to switch from shorter buildings to the current scheme of three high-rises.
The plan includes a 0.6-acre park in the center of the multifamily redevelopment, as well as new trees along Clark and Polk streets. Lennar Communities plans to cover 25% of the rooftops with a environmentally friendly "green" roof.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
