The Chicago Plan Commision has approved a hotel and apartment tower located at 300 N. Michigan Avenue. Developer Sterling Bay and Designer bKL Architecture will be replacing an old low-rise building near Millennium Park with a 510 foot mixed-use tower per Chicago Curbed.
The new tower will include the following features:
- 46 story building
- 289 residential units
- 280 hotel rooms
- Ground floor commercial space
- 22 parking spots
The building will unfortunately block the iconic art deco Carbide and Carbon Building from certain angles and will feature a transparent base and angled M-shaped columns supporting the tower above.
The project is estimated to cost $252 million and the developer will put $3.9 million into Chicago's Neighborhood Opportunity Fund in exchange for greater height and density on the building. This program supports small businesses in underserved areas in the South and West sides of Chicago.
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Now that the project has won approval, the next step will be zoning approval and that would be followed by a vote by the city's Zoning Committee and the entire City Council.
At the same time that Sterling Bay's project was approved, the following projects were also approved:
50 E. Randolph Street
According to The Real Deal, this 26 story, 214 unit apartment tower is located on the site of a 4 story parking garage at the northeast corner of Randolph and Wabash. Moceri + Roszak is taking out a construction loan for the complex
The building will also feature 6,400 square feet of first floor retail space and 70 parking spaces. Units will range from 550 to 2,600 square feet with an average of 946 square feet according to Alderman Brendan Reilly.
1043 W. Fulton Market
Per The Chicago Sun Times, developers Ross Babel and Alex Najem worked with architecture firm Hartshorne and Plunkard on this 13 story hotel and six story office building.
The hotel will have 200 rooms and will be operated by Montage Hotel's Pendry brand. $1.8 million will go into Chicago's Neighborhood Opportunity Fund.
See DataBid Blog titled: 47 Story Tower Proposed for Michigan Avenue
DataBid is currently reporting on this project - 300 NMA Millenium Mile Multi Use Highrise Tower - Chicago (0045051517)