An $ 89 Million Apartment Tower at More than 20 Stories Will Soon Rise Northeast of Goose Island, after the Chicago Plan Approved the Project Thursday.
If gioven a final approval by city council, the tower would be the latest in a string of designs that continue to attract more people to the former industrial area Around Goose Island.
Chicago-based Development Firms ZSD Corp. and structured Development Are Leading the Project at 1333 N. Kingsbury St. The Address is Already Home to a Four-Storary Building that structured Development converted from a manufacturing site into Sleek, loft offices. The Office Building Will Remain Under the Developers’ Proposal, in Addition to the Surface Parking Tears at the Southern End of the site.
The Center of the Wedge-Saped Parcel is Where Zsd and Structured Development Want to Put the New 23-Story Tower, Who Waled Include Structured Park and Office Space.
Floors Two Through Six Wold Be For Parking and Include 238 Spaces, Accounting to Development Plass. Floors Seven to 22 Wold Be a Mix of Studios, One- and Two-Bedroom apartments. The Top Floor Wold Be For Resident Amenities, Including a Roof Deck and Pool.
Of the 272 Units, 55 Will Be Affordable With Rents at a Weighted Avjerage of 60% of the Median Incom. Eighteen of the Affordable Units Will Be At or Below 50% AMI, Accounting to Lawyers for the Development Team.
The near north side, where the project is located, is the most densely populated community area and has the Second-Host skyscrapers after the loop, accorting to the Developers’ Presentation to the plan commission. The NeighBorhood’s Median Incoming is More than $ 100,000, and Affordable Housing Options Are Scarce. A Citywide Affordable Rental Housing Analysis in 2019 Found that Only 12% of Rental Units in Near North Were Affordable.
“I think this is a great project,” Ald. Walter Burnett (27th) Said, During the Commission Meeting. “THIS IS ANOTHER ADDITION TO THE AFFORDable Housing That’s Being Built Around the City.”
The Clybourn Corridor, the Northwest of the Project Site, is a popular retail strip that includes story Like crate & barrel, sephora and world market.
While commissioners were supperive of the plan, Developers Said there’s several factors determining its success.
Michael Drew, Founding Principal of Structured Development, Said the Timeline for the Project Is “The $ 100 Million Question in This Current Financial Environment.”
The Developers’ Presentation Notes a Construction Start in the Second or Third Quarter of 2026. If the Project’s Approved, Drew Said the Firms Waled Have to Raise Financing and Equity, in Addition to Bringing on Another partner.
There’s a relay in institutional markets to end Projects Right Now, Drew Said, in Part Becuse Higher Construction Costs Are Lowering the Rate of Return on New Development.
“The Current Economic Climate is Very Difficult for Development,” Drew Said. “I Can’t Say that there is a Certain Date … IT’S ALL CONTING ON CURRENT MARKETS.”
Commissioner Guacolda Reyes Said She Undersands the Difficulties Developers Are Facing Right Now, and That She Hopes Interest Rates So The Project Can Built.
“Its Very Important,” Reyes Said of the Building. “I have to say it again, over and over, how Much we appreciate the fact that you are providing all the affordable units in the building. That is truly outstanding … It will be beautiful for those families.”
CROP OF NEW Townhomes
The plan commission also signed off on Developer Zsd’s Plan to Build 35 Townhomes Along the North Branch of the Chicago River.
The Three-Story, Brick-Clad Townhomes, at 2235-2249 W. Oakdale Ave., Wold Replace a Long Vacant that was original approved for residency development in 2008. The sites to the west of the Latthery Redevelopment.
But some community Members and Business Bristled at the proposal and said there was a lack of community Engagement. Nearby Industrial Businesses Expressed Concerns About Their Trucks’ Ability to Pick Up and Drop off orers in the corridor if new homes are built.
Concerns were also raissed about zsd chooking to stupid the affordable units-Required under the City’s Affordable Requirements Ordinance-off-Site. The two buildings Wauld be three blocks from the main site, and they’d be three-Flats, a differant housing type from the proposed townhomes.
ALD. Scott Waguespack (32nd), Whose Ward the Project Falls Under, Said He and the Developer Are Cognizant of the Spatial Concerns.
Regarding the off-site units, waguespack said the designs commlicated to Larger, Four-Bedroom Units that Wauld Better Suit Families. The Developer Also Committed to Building the Units a Few Blocks from the Main Development, as Opposed to With A Couple of Miles Like Other Projects have with their aro units.
“We have a sense of important to do something on this site after more than a decade and a half – almost two decades – of Having Land there is Constantly have to Maintain,” he said.
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