The Chicago Plan Commission has approved a proposal from Vista Property Group for a 21-story rental tower on the east side of Wells Street between Chicago Avenue and Superior Street. The developer will bring 178 rental units to the Wells Street corridor in River North.
An article in Urbanize Chicago states that the building was designed by architecture firm Antunovich Associates with a glass and metal contemporary lift vernacular. The tower will feature the following:
- 254 foot tall building
- Serrated western facade
- Balconies on the north and south elevations
- 21,000 square feet of ground-floor retail
- 53 parking spaces in the podium
- 70 efficiencies
- 68 one-bedroom apartments
- 40 two-bedroom apartments
- Additional amenity space at the top of the building
- Club room
- Pool deck
- Co-working area
- "Maker space" for art projects
There is an existing three-story commercial building just to the north of the development which is also owned by Vista Property Group. This building will be preserved and its roof turned into an outdoor amenity space for the proposed tower next door.
The developer plans to demolish a three-story Italianate building at 739 N. Wells as well as a single-story retail building that used to be the Yolk restaurant and Jess Chicago. The Brehon Pub building to the south is outside of the boundaries of the project and will not be demolished.
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Vista Property Group is also providing five of its required 18 affordable units on-site and will make a $2.44 million payment into the city's Affordable Housing Opportunity Fund, and also contribute another $2.4 million to the Neighborhood Opportunity Fund.
The project at 739-755 N. Wells Street will take 19 months to finish construction which will start once the Committee on Zoning and the City Council gives their approval. Skender has been selected as the general contractor.
The Vista, Antunovich and Skender team also has a 15 story office building under construction at the corner of Randolph and Jefferson in the West Loop Gate neighborhood.
The Wells Street corridor in River North has had more apartment development than in any other area. Projects such as Exhibit, Marlowe, Hensley, Gallery on Wells, and 640 North Wells has brought more than 1,200 rental units to that area. AMLI Residential's 318-unit project at nearby 808 N. Wells is scheduled to open this month and the 2,656-unit multiphase North Union project won city approval earlier this year.
No wonder this area is so much in demand. According to the Compass, River North was once an old manufacturing and warehouse area but is now Chicago's most fashionable and trendsetting neighborhood. Historic architecture is mixed with modern design and amenities. It's only steps away to the city's premiere shopping along Michigan Avenue. It's a vibrant area dense with shops, art galleries, office spaces, restaurants, nightclubs and people.
See DataBid Blog titled - 21 Story Apartment Tower coming to River North
DataBid is currently reporting on this project - 739-755 N. Wells Street Residential Tower River North - Chicago (0013071221)
