Chicago based Newcastle Limited presented its plans for a pair of mixed-use Gold Coast developments to a standing-room only crowd at a meeting hosted by 2nd Ward Alderman Brian Hopkins. The two projects located on State Street would replace a group of vacant commercial buildings and a Barnes & Noble bookstore with a combined 470 rental units, 193 parking spaces, and more than 30,000 square feet of retail space per Chicago Curbed.
The first project is located at 1200 N. State Street on the northwest corner of State and Division. The designer for the project is Keith Campbell of CallisonRTKL. Plans call for an 11 story building with 102 rental units. The 120 foot tall building would offer the following features:
- 12,000 square feet of ground floor retail space
- Well concealed 32 car garage
- Resident amenity spaces on third floor and roof
- Materials used will be a mix of glass, brick, metal and panels similar to porcelain tile
The second proposal is located at 1130 N. State Street which is a 39 story tower slated to replace the Barnes & Noble bookstore which was put up for sale in September. This building was designed by architecture firm Solomon Cordwell Buenz and consists of the following:
- 368 rental apartments offered in studio, one and two-bedroom layouts
- 19,000 square feet of commercial space
- 161 parking spaces
- Features a more traditional base clad in concrete, stucco and brick topped by a contemporary glass and metal tower with curved corners
The 425 foot tall building would incorporate unused density from the Lou Malnati's pizzeria property next door which will remain at 1120 N. State Street as well as Newcastle's three story building which is right across the street at 1139 N. State Street.
The high-rise conforms to the site's existing downtown district zoning, but the height and unit count will require approval by the Plan Commission, the Zoning Committee, and the City Council. If all goes well, the expected date for breaking ground on both projects will be in early 2020.
According to The Real Deal, Newcastle is acquiring more and more properties in the Chicago area. They bought a 227 unit River West apartment complex for $85.5 million a month ago and recently paid $11.6 million for a 2,200 square foot retail space on the ground floor of a residential tower at 2 West Delaware Place. A few weeks before that, they bought a retail building at 2368 North Clark Street in Lincoln Park for $6.1 million.
Per Reside Living, the Gold Coast is just north of downtown Chicago and nestled against the Lake Micigan shoreline. The streets are lined with historic mansions and specialty boutiques and is a popular area for residents and visitors.
DataBid is currently reporting on both of these projects:
1200 N. State Street Multi Use Development Gold Coast - Chicago (0119041119)
1130 N. State Street Multi Use Development Gold Coast - Chicago (0120041119)
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