CITY HALL — City planning officials are poised on Friday to throw their support behind two proposed developments that would collectively add more than 900 new apartments to the booming Fulton Market district.
Members of the Chicago Plan Commission, scheduled to meet at 10 a.m. Friday, to consider a long-discussed proposal (O2019-7972) by Related Midwest to build a 49-story hybrid tower made up of 370 apartments and a 240-room hotel at 725 W. Randolph St.
The City Council approved a previous version (SO2017-7018) of the proposal in 2018, but the developer scaled back the planned building’s height and the project must be reconsidered. The latest version of the plan calls for a 248,000-square-foot office building to be built next-door to the Equinox-brand hotel and apartments.
The $550 million complex would be built inside the city’s Near North Affordable Requirements Ordinance pilot zone, meaning that 20 percent of the residents units must be set aside for low- and moderate-income Chicagoans. However, those rules only apply to 150 of the 370 planned units, according to plans filed with the city. because a previous Planned Development allowing for 220 units on the site were approved before the latest version of the ordinance kicked in.
To reach the minimum number of affordable units required, Related Midwest plans to rent 15 units below market rate on the site and build for another 15 affordable units off site. The off-site location has not yet been determined, according to presentation materials.
Because the development is taller and denser than city rules allow, the project would trigger the city’s density bonus program, requiring a $5.62 million payment to the Neighborhood Opportunity Fund. Related Midwest also plans build a pedestrian gateway along Randolph Street and a pocket park along Halsted Street, records show.
A separate proposal (O2019-7970) from LG Development calls for a 33-story apartment tower to be built across the street from an 11-story office building at 1150 W. Lake St. in the 27th Ward. Both complexes would include ground-floor retail space.
The residential building would include 550 units — an increase over a previous plan presented to neighbors last summer, which called for up to 484 new apartments.
LG would satisfy the Affordable Requirements Ordinance by setting aside 55 units for those who earn up to 60 percent of Chicago’s area median income, and another 55 for those earning up to 100 percent of the area’s median income. All the affordable units would be located at the site of the proposal.
The development is slated to cost $315 million to build. It would trigger the city’s density bonus program, drawing a $6.1 million contribution into the Neighborhood Opportunity Fund.
City planning officials are also scheduled on Friday to present their Woodlawn Plan Consolidation Report, which “reviews past plans” for the South Side neighborhood and “outlines recommendations” for how to manage city-owned land there.
The following proposals are also scheduled to be considered on Friday:
- O2019-9351 — A proposal by Centrum Realty & Development to build a nine-story office building with ground-floor retail space at 777 N. Franklin St. in the 42nd
- O2019-5577 — A proposal by Marquette Companies to open a bar and restaurant on the ground floor of an existing building at 180 N. Ada St. in the 27th Ward.
- A proposal by the Chicago Park District to build a “new artificial turf multi-use field, new natural area, and picnic lawn” at 141 W. Diversey Parkway in the 44th Ward.
- A proposal by Leslie Hairston (5th) to incorporate the property at 5616 S. Maryland Ave. into Planned Development No. 43.
The commission was scheduled on Friday to hear a proposal by Daniel Rezko to build a 24-story hotel with 219 guest rooms and 8,000 square feet of retail space 808 N. Cleveland Ave., but the proposal was deferred at the request of the applicant, according to city planning officials.
The Plan Commission is poised on Friday to roll out a new meeting system that calls on applicants to present their own plans, instead of having city planning officials give presentations. The city’s Department of Planning and Development also created a page on its website with links to presentation slides for each project, a feature new this month.
Developers this week filed zoning applications with the City Council for the following proposals:
- O2020-782 — A proposal by Cedar Street Companies to allow a “theater use” in an existing building at 1050 W. Wilson Ave. in the 46th Ward, plus a 110-unit apartment complex. The developer in 2018 announced a plan toconvert the building into a new home for the Double Door music club, which was evicted from its iconic Wicker Park location in 2017.
- O2020-785 — A proposal by Riverside Investment & Development to build an extra story of commercial space on top of Union Station at 200-340 S. Canal St. in the 42nd
- O2020-788 — A proposal by Noah Properties to build a 52-unit townhome development at 4200 W. Belmont Ave. in the 30th Ward.
- O2020-762 — A proposal by to build a three-story, nine-unit residential building at 6828-30 W. Irving Park Road in the 38th
- O2020-786 — A proposal by CSX Transportation, Inc. to build an “intermodal freight container yard” at 2240 W. 63rd in the 16th Ward.