WEST LOOP — Two residential high-rises could be coming to the West Loop, bringing over 600 new apartments to the booming neighborhood.
The project is being proposed by LG Development, which was approved for a 29-story high-rise with 486 units in 2021. Now, the company wants to pursue a two-phased project with a 25-story building with 287 units at 170 N. May St. and a 38-story tower with 380 units at 175 N. Racine Ave.
LG’s decision to switch to a two-phased approach is a way to combat high interest rates and construction costs for “large-scale developments” that are difficult to finance, LG officials told The Real Deal.
At a community meeting Monday night, developers revealed the project’s phases and renderings for the buildings.
Phase one will include the 287-unit apartment complex at 170 N. May St. and a grocery store in a ground-floor retail spot.
Overall, the two phases will create 667 residential units, 133 of those affordable, with 509 parking spots combined between the two buildings.
The increased density would send $620,000 for the 27th Ward’s Local Impact Fund, which Ald. Walter Burnett (27th) and the Department of Planning and Development can earmark for projects near the site.
The grocery tenant is confidential, but Michael Ezgur, an attorney representing LG Development, said there’s already strong interest from a company in occupying the store.
The potential grocer has also expressed interest in using a 7-foot-wide spot along the building for a small outdoor cafe or a “farmers market area.”
“We’re fortunate here in this project. … The sort of the centerpiece, the hero of the project, of course, is the grocer that already wants to be here,” Ezgur said.
LG Development officials hope the grocery store will make the area more pedestrian-friendly, possibly reducing traffic by making the area more walkable.
Additionally, due to demand and increased density in the neighborhood, the Chicago Department of Transportation will add a traffic signal at Racine Avenue or May Street near the project.
A traffic study is also being conducted on the area to determine if turning Racine Avenue into a one-way street will help with traffic flow, developers said.
Phase one will start “as soon as possible,” Ezgur said. Factoring in City Council approval and attaining permits, construction could start early next year. Phase two is slated to begin right after the completion of phase one.
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