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

CHICAGO-A parking lot on the northeast corner of Washington and DesPlaines streets just northwest of the Loop is the site of a proposed 190-unit condominium tower, with a 14,500-sf ground-floor retail space likely to be occupied by a Walgreen’s drug store. Developer Tim Sullivan of Cornerstone Group 70, LLC tells GlobeSt.com his group hopes to break ground next spring on the $80-million project, with construction expected to take two years.

Prices will be in the neighborhood of $350 per sf to $375 per sf, Sullivan tells GlobeSt.com, for the one-, two- and three-bedroom units ranging from 700 sf to 2,400 sf. The steel and aluminum building is designed by Lucien Lagrange Architects.

“This is one of the most interesting buildings we’ve seen in a long time,” says 42nd Ward Alderman Burton Natarus. “I wish we had more of these.”

At 350 feet, the proposed 31-story building is more than twice the height allowed under the city’s DX-7 zoning. At 251,000 sf, it also is 5% larger than current zoning allows, but the developer is earning the greater floor-area ratio with a $181,146 contribution to the city’s affordable housing fund. The proposal was endorsed recently by the plan commission.

Sullivan’s group must still acquire the 34,050-sf site from three separate property owners, according to the department of planning and development.

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?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



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 © 2023 ALM Global, LLC. All Rights Reserved.