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CHICAGO-The latest South Loop multifamily proposal, a 215-unit condominium tower at 1454 S. Michigan Ave., is keeping a piece of the past. The project, likely to be worth more than $50 million when sold out, replaces two vacant three-story commercial buildings but preserves the two-story Buick Building, part of the city’s Motor Row Historic District.

The 25-story building will include ground-floor retail space as well as a 240-space garage. At 295 feet, the tower is 140 feet higher than allowed under current zoning, as well as 15 units more than DX-7 requirements. In addition, the 239,000-sf building is 14% more than allowed under current zoning, but 1454 South Michigan LLC is earning a density bonus with a $208,944 payment to the city’s Affordable Housing Opportunity Fund. The units, ranging from 630 sf to 2,200 sf, will have private recessed balconies.

Developer Jay Feeley tells GlobeSt.com the one-, two- and three-bedroom units will be priced at $179,000 to the mid-$300,000 range. He hopes to begin construction of the reinforced concrete and stone building by early 2006 with completion expected by late summer or fall or 2007. However, his 1454 South Michigan LLC still needs to acquire the 29,866-sf site from a Brookfield-based limited liability corporation, which has owned the property since 1998.

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