X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

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.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.