The Chicago Plan Commission last month approved changes to a high-rise mixed hotel/apartment development in the West Loop, but because the developer, Related Midwest, originally obtained approval years ago—albeit for a differently configured building—set-asides for affordable apartments will be less than would be required under today’s laws.
Related Midwest’s next step is to receive approval from the Committee on Zoning to build a 49-story residential tower with street-level retail space at 725 W. Randolph St. and an adjacent 248,000-square-foot office building.
Related’s original proposal, approved by the Chicago City Council in 2014 called for a residential building with 10 more stories with 222 units. Under guidelines in effect at the time, the developer is required to make far fewer than the 74 affordable units today’s laws would require of its current iteration: 370 apartments and 240 hotel rooms.
The company plans to offer 15 below-market-rate apartments in that building and make another 15 available at a yet-undisclosed site, representatives told the Plan Commission.
The total cost of the new project is estimated at $550 million; because of its height and density, which exceeds city guidelines, Related must contribute $5.62 million to the Neighborhood Opportunity Fund, one reason for its approval. The company also told commissioners it would build a pocket park and a pedestrian gateway in the area.
Another project that received approval will generate 110 affordable apartments, half for those who earn the city’s median income and half for those whose income falls to 60 percent of that.
LG Development plans to build a 33-story apartment building with 550 apartments at 1150 W. Lake St. and an 11-story office complex—both with retail space—across the street. That project, which contains 76 more apartments than were in a plan shown to neighborhood residents and businesses last year, would also exceed density requirements, ensuring LG contributes $6.1 million to the Neighborhood Development Fund.
Alerts Sign-up