Tuesday, December 8, 2020

New Hotel and Condo Building Proposed for Vacant Lot on Wabash & Harrison

A new high-rise for the Sloop (via Chicago Tribune)?

An affiliate of Interforum Holdings proposes two towers that would replace a parking structure at 525 S. Wabash Ave., a project that also would front Ida B. Wells Drive (formerly Congress Parkway) and Harrison Street. That proposal includes a 23-story building with 314 hotel rooms and 261 residential units and a 36-story tower with 516 residential units, according to Reilly’s email.

The towers would connect to a low-rise podium with a grocery store and 151 parking spaces, Reilly said. The retail podium would include a second-floor restaurant, and it would be topped by an open-air amenities area.

The project, designed by BKV Group, does not require a zoning change, according to Reilly. The developer would pay more than $3.6 million into the Neighborhood Opportunity Fund, which goes toward grants to support projects in underserved areas of the city.

It’s unclear how soon Interforum wants to begin work, or how much it would cost. CEO Alex Zdanov did not immediately respond to a request for comment Monday.

This is the first time we've seen or heard about a proposal for this specific piece of land, but it makes sense as it's one of the few vacant lots still available in the neighborhood.  What is interesting is that a sliver of the building would front Ida B. Wells (formerly Congress).  There is not a lot of room between the Roosevelt College sports building and the Congress hotel.

It seems like a strange proposal for the current climate and economy, but it's not like this type of development is going to go up super quickly.  So maybe in a year or two, it will be ripe for residents?

Regardless, good to see developers still taking a swing at projects in the Sloop.    

No comments: