SOUTH LOOP — Two development projects in the South Loop and Loop that will bring a combination of retail stores, residential units and a hotel were OK’d at a key city meeting Thursday.
The projects would the housing and retail to 525 S. Wabash Ave. and 1400 S. Wabash Ave. The Plan Commission signed off on the plans Thursday.
Developer Eterra Plus plans to transform the parking structure at 525 S. Wabash Ave. into two towers — 24 and 36 stories — connected by a two-story retail space with room for parking. One tower would hold 777 residential units while another would have a 407-room hotel.
A grocer would move into the ground-level storefront and a restaurant would take the space above it. Designs also call for the expansion of an alleyway east of the structure to accommodate loading.
The $350 million project would create 78 affordable housing units, with 39 studios, 26 one-bedrooms, six two-bedrooms and seven three-bedrooms. It would create 400 temporary construction jobs and 200 permanent jobs, and developers would contribute $3.65 million to the Neighborhood Opportunity Fund.
The project is set to be completed by 2024 if it gets full city approval.
Farther down on Wabash, a vacant lot is set to be developed into another residential building with retail at 1400 S. Wabash Ave.
The plan calls for a 31-story, 205-foot building that would cost just under $100 million and have 299 residential units.
The development would create 30 affordable units, but only eight of them would be on-site. Three of those units would be studios, with two one-bedrooms and three two-bedrooms. Rents would be $1,500-$2,700.
Retail space would be on the building’s ground floor, and it would have 185 parking spaces.
The project would create 500 temporary construction jobs, and developers said they plan to partner with a minority general contractor. An apprentice program would allow community youth to get 3,000 hours of training. The Neighborhood Opportunity Fund would receive $1.8 million.
Ald. Pat Dowell (3rd) has signaled her support for the project, saying there has been no “negative feedback” from residents.
The building is to be completed by 2023.
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