A tower crane permit has now been issued for a mixed-use development at 741 N Wells Street in River North. Developer Vista Property Group has planned for a 21-story to rise atop a historic three-story masonry building just south of the Chicago & Wells intersection. Programming will provide 9,400 square feet of retail and 178 apartment units.
Several key approvals have passed for 5200 W Chicago Avenue in Austin, where Heartland Housing Alliance and Oak Park Regional Housing Center have planned a major mixed-use redevelopment around the former Laramie State Bank. The Community Development Commission has approved the sale of 5206 W Chicago Avenue, while the Chicago Plan Commission has approved both the rezoning for the project and its Planned Development application. The scope of the plans have received both city and community support, having won the Austin Invest South/West RPF competition to imagine new projects for Chicago’s west and south sides.
The tower crane has now been installed for 920 N Wells Street in Near North Side, where Chicago-based developer JDL has planned an 18-story mixed-use building. This structure is the first stepping stone in a massive new development known as North Union, occupying 8.1 acres on property formerly owned by the Moody Bible Institute. Bolstered by JDL’s partnership with Square Mile Capital and Intercontinental Real Estate, North Union will provide six million square feet of new floor space (equivalent to roughly 1.5 Willis Towers), 2,656 residential units, a wide range of commercial spaces, and over 100,000 square feet of public areas. With its tallest tower approaching 700 feet, the $1.3 billion scheme will shift the northern skyline’s center of gravity further west.
Significant construction progress can be seen for Structured Development‘s Shops at Big Deahl masterplan, situated on an elbow-shaped property in Near North Side’s Clybourn Corridor area. This $250 million, four-building development is already a quarter complete, having completed three-story climbing gym called Movement Lincoln Park in 2021. With Power Construction as the general contractor, the remaining three buildings are now rising in tandem, and will serve as a new mixed-use hub for the primarily retail and residential neighborhood. As part of the developer’s plans for the site, there will also be a small urban park at the south end with greenery, terraces, and seating areas.
Renovation work continues to take shape at the 24-story Victor F. Lawson House at 30 W Chicago Avenue in Near North Side. The Art Deco high rise was originally designed by Perkins, Chatten & Hammond and completed in 1931. Developer Holsten Real Estate will be deconverting the former YMCA from 538 single room occupancy units into 408 affordable apartments. In exchange for keeping all on-site units affordable until at least 2073, the project received both low income housing tax credits and $12.4 million in historic preservation tax credits. Holsten Real Estate has also received a $17.6 million loan from the city, a $79.4 million loan from Chase Bank, and a $17.2 million loan from the Illinois Housing Development Authority.
