CHICAGO-Developer Gary Rosenberg will build 227 condominiums on a prime Streeterville site, now used as a parking lot. More than 50 reservations are in, Rosenberg tells GlobeSt.com, for the 41-story building that will rise at 600 N. Fairbanks Ct., a project expected to cost more than $100 million.
The 29,044-sf site has remained relatively fallow after environmental problems were discovered after a gasoline station ceased operations, says 42nd Ward Alderman Burton Natarus. In addition, the design by Murphy/Jahn Architects preserves a three-story retail building on the north end of the site, he adds. "It's not a landmark building, but they're saving a significant building," says Natarus, noting it housed the Chez Paree night club.
The project received an endorsement Thursday from the plan commission, which is recommending the city council allow Rosenberg's 600 N. Fairbanks LLC build a 378,000-sf tower, 8% more than allowed under current zoning. Rosenberg will get the additional density by making a $580,880 contribution to the city's affordable housing opportunity fund, according to the department of planning and development.
Prices for the 119 one-bedroom units will be in "the low-300 to mid-400" range, Rosenberg says. The 77 two-bedrooms are tentatively set to sell for prices in the "high 400s" to $600,000, he adds, while the 31 three-bedrooms will range from the "mid-700" to $900,000 range. "We've started advertising, and already we've had a tremendous response," Rosenberg tells GlobeSt.com.
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