The 18-story residence hall is being developed by the Educational Advancement Fund, a non-profit entity formed by the three schools. The land was donated to the schools by the city, and financing includes a combination of tax-exempt and taxable bonds.
In addition to rooms for 1,720 students and staff members, which will rent from $625 to $985 per month, the project will include 35,000 sf of retail space along State Street, built on the first and second floors. Chicago architectural firms Antunovich Associates and VOA Associates are designing the project. They are including a 20,000-sf roof garden on the third floor, an amenity pushed by the Daley administration.
Studies have found the Downtown area has a severe shortage of affordable student housing, exacerbated by redevelopment of the neighborhoods surrounding the Loop.
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