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CHICAGO-Backed by a lawsuit settlement, American Invsco's plan to add a long-awaited twin to the New York Residences at 3660 N. Lake Shore Dr. is moving ahead. Rather than matching the existing 46-story, 593-unit building to the west, plans for the southwest corner of Lake Shore Drive and Waveland Avenue call for 212 units in a 29-story building.

In addition to the second tower, American Invsco plans to build 16 townhouses. The company says it does not have plans or price points ready for the new addition to the lakefront. However, recent sales this year have ranged from $146,000 to $353,000, according to documents filed at the Cook County Recorder of Deeds office. That would likely make the new building worth at least $50 million. American Invsco paid $7.9 million for the site of the second tower in 2000, according to property records, when it also acquired the existing New York multifamily building for $87.1 million. It then converted the rental units to condominiums.

Although the plan commission recently endorsed the project, the second tower was the result of a settlement between the city and American Invsco, which sued after the entire 3660 N. Lake Shore Dr. was downzoned. While high-rise condominiums are south on Lake Shore Drive, residential buildings across Waveland Avenue are between three and seven stories, Department of Planning and Development officials note.

"This was a balancing act," says 46th Ward Alderman Helen Shiller, who presided over several public hearings about the proposed second tower. Still, neighbors including the existing condo association asked for the recommendation to the city council be delayed until an agreement covering construction-related issues was reached, but were turned down. "There's no reason to withhold our decision," said 50th Ward Alderman Bernard Stone.

Instant Insights /

Second 'New York' Tower Along Lake Shore Drive Clears Hurdle

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