"It's a beautiful building," says Frankel & Giles president Keith Giles. "It will be a fine addition to the Michigan Avenue streetwall. It will really anchor the South Loop."
In addition, the former Trailways bus terminal would be rehabbed and expanded to accommodate arts-related uses. "The retail there will be very important," adds Giles, whose firm responded to the city's request for proposals.
However, Neighborhood Rejuvenation principal Jerry Davis admits the plan bets on a comeback for the Downtown multifamily market, which became overbuilt toward the end of 2001. "I think our chances are excellent," Davis says of financing and the ultimate construction of his plans. "Otherwise we wouldn't be pursuing this as much as we are."
Davis hopes to begin construction by the end of the year or early in 2003. The building will have a balance of one-, two- and three-bedroom units, ranging from 825 sf to 5,600 sf at the penthouse level. The expected sales price is $300 per sf, Davis adds. The design and cost of the units will result in a longer sales period, he predicts.
The project won support from local community groups such as the Greater South Loop Association and the Near South Planning Board. "Our members had concerns about parking," notes Greater South Loop Association vice president Steve Ward, but are otherwise enthusiastic about the project. "A tall tower of this size is very appropriate to anchor the southwest corner of Chicago's front yard."
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