|
PRESS
Plan Commission backs Jewelers Row tower
May 20, 2005, Chicago Sun-Times
BY DAVID ROEDER Business Reporter
A proposal for a 71-story tower within the Jewelers Row landmark district passed a key milestone Thursday when the Chicago Plan Commission endorsed the project.
The commission, which advises the City Council on major building projects, praised the architecture of the building and said the developers will revitalize a haggard section of Wabash. The condominium tower would arise from a base that will incorporate a renovation of three low-rise buildings at 21-39 S. Wabash.
The action came during a busy meeting that reflected developers' expectations of residential growth in Chicago. The commission approved projects that would add nearly 2,400 units to the city.
The largest is a plan for a new development of 1,200 homes at 3201 W. Arthington, part of the former Sears Roebuck & Co. campus on the West Side. Chicago-based Royal Imperial Group plans to convert two former Sears buildings into residential use and add other housing that will include a mix of town houses and rental properties.
Royal Imperial's president, Mordecai Tessler, said he hopes to start marketing the project late this year. He said the roughly $200 million development might take five years to complete.
Other residential projects that secured the commission's support included a thin 26-story building at 110 W. Superior, 240 units at 301 W. Ohio, a 51-story building at 148 E. Ontario, 93 new units at 2559 S. Dearborn and a 19-story building at 1255 S. State.
The Jewelers Row project comes from the same investment team that produced the 57-story Heritage at Millennium Park, which involved renovation of old storefronts at the southeast corner of Randolph and Wabash and is the new home of Mayor Daley.
The team is led by Mesa Development LLC, whose managing member, Richard Hanson, said he expects the $300 million project to take about four years. Hanson said he hopes to start marketing units next year and expects lenders will require that from 35 percent to 50 percent of the 353 dwellings be sold before construction can start.
Most of the units should be priced under $500,000, he said. Jack George, the project's attorney, said the developers will commit $1.3 million to an affordable housing fund as part of the deal with the city.
The project was opposed by representatives of the Landmarks Preservation Council of Illinois and Preservation Chicago. They argued that while the project has many attributes, a building that soars more than 800 feet would detract from the integrity of Jewelers Row.
A member of the commission, Ald. Burton Natarus (42nd), countered that the high-rise refreshes a dilapidated stretch of the Loop and helps Jewelers Row merchants by bringing new customers close by.
The project also had support from leading civic groups, including the Greater State Street Council and the Grant Park Advisory Council.
|
ECARDS
Construction Update, Apr. 2009
World-Class Club, Mar. 2009
Construction Update, Oct. 2008
Construction Update, Jan. 2008
Downtown Events, Jan. 2008
Holiday Events, December 2007
Downtown Events, Oct. 2007
Announcing Finishes
Construction Photos Posted
Construction Update, June 2007
Introducing Design Coordinator
Construction Update, Feb. 2007
|
