X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Work could begin this summer on a 253-unit condominium building at 1255 S. State St., continuing a trend of mixed-use development in the South Loop. The $63-million project got a favorable recommendation Thursday from the city council’s committee on zoning after getting an endorsement earlier this month from the plan commission.

The one-, two- and three-bedroom units in the 19-story building, which will have 14,000 sf of retail space at the northeast corner of State and 13th streets, will range from the mid-$100,000 to mid-$300,000 range, says Joe DiCosola, one of three partners in 13th & State, LLC. Partner Warren Barr also tells GlobeSt.com the group is aiming for occupancy in fall 2006.

In addition to retail space, the project includes a 326-space parking garage on the second through fifth floors, with 71 spaces set aside for retailers, including a Jewel Food store to the north. The fifth floor also will include an exercise room and meeting rooms.

Without a zoning change to a residential-business planned development, 13th & State, LLC would be limited to a 247,000-sf building on the 35,322-sf site, as well as a 155-feet height limit and 200 units. The zoning change allows for a building of 280,000 sf as well as the additional units. The developers earned bonuses with a $247,254 contribution to the city’s affordable housing opportunity fund. In addition, the department of planning and development notes the developers are earmarking 13 units for the city’s teachers’ housing assistance program, selling them at pre-construction prices.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.