Editor’s note: This story was updated Wednesday, May 26 after City Council approved the projects.
WEST LOOP — A 47-story apartment tower and seven-story office building in the West Loop were approved by City Council Wednesday.
Last week, Plan Commission members endorsed projects for the office building at 817 W. Lake St. and the apartment tower at 640 W. Washington Blvd.
At Washington Boulevard, developer Crescent Heights plans to replace the longtime parking lot with a 47-story high-rise containing up to 413 apartments, a garage with 137 parking spaces and approximately 8,000 square feet of ground-floor retail space.
Crescent Heights will include 10 affordable units in the development and will pay $5.7 million in “in-lieu” fees to satisfy the remaining affordability requirement, according to the city.
The building will include a two-story lower podium, a three-story upper podium and the 47-story tower. A terrace will be built on the third floor.
If that becomes a reality, it would join a growing number of new residential towers flanking the Kennedy Expressway in the West Loop. Recent projects in the area include the Parker Fulton Market, 727 W. Madison and an upcoming Equinox-branded hotel and apartment high-rise.
Crescent Heights acquired the 35,000-square-foot parking lot bordered by the expressway, Desplaines Street, Washington and Court Place earlier this year. The Miami-based developer paid $20.1 million to Matthew Pritzker Co., which is headed by the cousin of Gov. JB Pritzker, Crain’s reported in June.
At Lake Street, Sancerre Capital wants to build a seven-story office building with ground-floor retail.
It would sit next to two recently completed office towers, 16 and 19 stories tall. The seven-story would have a rooftop deck and green roof features.
Until construction is started, the property will be used as a 5,000-square-foot outdoor patio for a neighboring restaurant.
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