Chicago Plan Commission Approves Two New Projects
- May 30, 2012
The Chicago Plan Commission has given the green light for two new projects: the 3750 North Halsted and the 454 N. Park Drive developments, ChicagoRealEstateDaily.com reports. The 3750 North Halsted is a joint venture between Chicago-based JDL Development Corp. and Norridge-based Harlem Irving Cos. The 296-unit up-scale apartment project calls for the development of a 15-story tower and a 12-story tower at the northwest corner of Bradley Place and Halsted Street, half a mile away from Wrigley Field.
The $73.4 million project was scaled down from 17 stories and 347 units, but some community groups still prefer a lower height and around half the number of units as they fear, at one point, the rentals will be transformed into condominiums. This would create an increased supply of condominiums, making it harder for existing owners to sell.
The development plans to replace the parking lot owned by Open Arms United Worship Center and to include 11,000 square feet of retail space as well as 276 parking spaces. According to the JDL Development Corp. website, the initial plan also called for a 35,000 square foot rooftop park located on the fifth floor that would feature an outdoor pool, hot tub, dining area and landscaped dog run.
The Plan Commission also approved the sale of a city-owned parcel located at 4711 W. Madison St. The Evanston developer who acquired the site plans to construct a 15,000-square-foot Sav-A-Lot grocery store.
The other development project to get the go-ahead from the Plan Commission is located at 454 N. Park Drive in the Streeterville neighborhood. Real estate investor Donald Wilson plans to construct a 398-unit high-rise, as well as a 400-room hotel with 230 parking spaces.
Illustration Courtesy of: www.jdlcorp.com
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