Chicago Commission Greenlights 67-Story Residential Tower
On the heels of news that Chicago-based Magellan Development Group is joint-venturing with a Chinese firm to construct an 89-story residential structure that will stand as Chicago's third tallest, the city's planning commission has approved plans by developer Related Midwest, Chicago, to construct a 67-story residential tower just blocks away in the city's Streeterville neighborhood.
When completed, the 2.2-acre project, designed by New York City-based architect Robert A.M. Stern, will house 250 apartments and 100 condominiums, scaling back plans that originally called for a 67-story structure containing 400 apartments and 100 condominiums.
The redesign was prompted by concerns about increased density and traffic in the neighborhood, located east of North Michigan Avenue. Related Midwest President Curt Bailey indicated last summer that, even with fewer units, the building would retain its original height to offset costs of redesigning an adjacent 1.7-acre public park included in the project.
Following the commission meeting last week, Bailey told reporters, “The condos are going to be very large and the rental units are going to larger than any other rental building being built in the city.”
Midwest intends to break ground on the project next summer, though plans first must be approved by Chicago City Council. The developer anticipates completing construction by spring 2017.
Both the Related and Magellan projects signal a revival of Chicago's condominium market after recession crippled it in 2008. Designed by Jeannie Gang, principal with Chicago-based Studio Gang Architect, the Magellan project will contain 390 condominiums, a 250-room hotel and 9,000 square feet of retail space.