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.
Context rendering of previous design iteration of 160 N Morgan by bKL Architecture
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.
Updated Rendering For 160 N Morgan Street Courtesy of bKL Architecture
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.
Design Updates For 160 N Morgan Street Courtesy of bKL Architecture
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.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
South Loop?