Vista Property Group is planning a 21 story apartment building in River North on Wells Street just south of Chicago Avenue, about a block east of the CTA's Chicago Avenue station.
Urbanize Chicago states that the 254 foot tall building is designed by architecture firm Antunovich Associates. The tower will feature the following:
- Serrated western facade
- Balconies on the north and south elevations
- 21,000 square feet of ground floor retail
- 53 parking spaces in subtle podium matching the tower above
- 120 bicycle spaces
- 178 units
- 70 efficiencies
- 68 one-bedroom apartments
- 40 two-bedroom apartments
Vista also has a three story commercial building just to the north of the development site which will be preserved and its roof turned into an outdoor amenity space for the proposed tower next door.
There will be additional amenity space at the top of the new high-rise which will include:
- A club room
- A pool deck
- A co-working area
- "Maker space" for art projects
A three-story Italianate building at 739 N. Wells will be demolished as well as a single-story retail building that was home to Yolk restaurant and Jess Chicago. The vintage Brehon Pub building to the south is located outside the boundaries of the project and will be spared from the wrecking ball.
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The downtown site's underlying zoning will not need to be changed but the developer is seeking a Planned Development from the city which will need approval from the Chicago Plan Commission, Committee on Zoning, and City Council.
The team doesn't have a date set to go before the city yet but hopes to do so soon. The project will provide five of its required 18 affordable units on-site, and they will make a payment to the city's Affordable Housing Opportunity Fund, and also contribute $2.4 million to the Neighborhood Opportunity Fund.
Once the project is approved, it will take about 19 months to construct. Skender has been picked to be the general contractor. The Vista, Antunovich and Skender team is also behind a 15 story office building which is currently under construction at the corner of Randolph and Jefferson in the West Loop Gate neighborhood.
Crain's Chicago Business reports that there are quite a few developers proposing big housing projects in downtown Chicago. They are wagering that the apartment market will bounce back from the coronavirus pandemic as downtown professionals return to the office.
Rents and occupancies are already rising as more companies are calling back their employees to work from the office again. Recent developments like Gallery on Wells, Exhibit, Marlowe, and 640 North Wells have delivered nearly 1,200 new rental units to the immediate area. AMLI Residential's 17-story project at nearby 808 N. Wells will soon add another 318 apartments to the mix. With the office and hotel markets still smarting from the pandemic and limited demand for condominiums, apartments have become the undisputed property of choice for downtown developers.
DataBid is also reporting on 609 W. Randolph Street Office Building Development West Loop - Chicago (0014080320)
