- Credibility:
SOUTH LOOP — Three more high-rises are coming to Wabash Avenue.
The City Council signed off a $350 million project to build two towers connected by a two-story retail space at 525 S. Wabash Ave. One would have 777 apartments while another would be a 407-room hotel.
Alderpeople also gave the green light Tuesday for a $100 million project to build a 31-story tower with 299 residential units at a vacant lot at 1400 S. Wabash Ave.
The plan for 523 S. Wabash, just off Ida B. Wells Drive, will transform a parking structure into the hotel and apartments towers.
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.
It also will have 78 affordable units, with 39 studios, 26 one-bedrooms, six two-bedrooms and seven three-bedrooms. The project, led by developer Eterra Plus, would create 400 temporary construction jobs and 200 permanent jobs. Eterra also will contribute $3.65 million to the Neighborhood Opportunity Fund.
Credit: City of ChicagoThe project is set to be completed by 2024.
Further south, the project led by 1400 Land Holdings LLC also calls for 30 affordable units, with eight of them on-site. Studios, one-bedrooms and two-bedrooms would be available for $1,500-$2,700 a month.
Retail space would be on the building’s ground floor, with room for 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 providing community youth with 3,000 hours of training is also part of the plan.
Work could be completed as soon as 2023.
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