Developer Sterling Bay has announced a partnership for its 160 N Morgan Street mixed-use development in the West Loop. The joint venture will be with Colorado-based real estate private equity firm Ascentris and will see the ground-breaking of the high-rise in the first quarter of 2022. Designed by local firm bKL Architecture on a mid-block lot that once held a drive-thru bank, the demolition of the existing building has begun with site prep expected to commence soon after.
The joint venture will allow Sterling Bay to bring its expertise in developing luxury commercial projects in the West Loop, with Ascentris who invests in a variety of typologies including multi-family properties such as Optima Lakeview and 120 N LaSalle in Chicago.
The 29-story, 350-foot-tall tower will deliver 282 residential units split into 254 market rate apartments and 28 affordable apartments consisting of convertibles, studios, one-, two-, and three-bedroom floor plans. The ground floor will provide 2,600 square feet of retail space and an entrance to an 89-vehicle parking space garage from the existing alley, as well as 153 bicycle spaces. Residents will also have access to outdoor amenity decks, fitness center, and a rooftop pool all while being only a few feet away from the CTA Morgan station.
The multi-million dollar project will also be paying roughly $5.2 million to build out additional affordable units to meet the city requirement in the South Loop, as well as $1.9 million to the Neighborhood Opportunity Fund. Further information on the tower can be found in our previous posts about its progression here. Sterling Bay, which currently has a development pipeline of over $12.4 billion, is aiming to break ground soon, generating 275 construction jobs, and planning for a completion date in the fourth quarter of 2023.