X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Now that LR Development has closed a five-story “sky window” in its 65-story condominium tower proposed for Huron and Rush streets, the company is hoping to begin construction by early 2007. Also added into the $250-million building’s design, criticized by city officials when it came to the plan commission in late 2003, is a 65,000-sf Canyon Ranch fitness center.

In addition to 330 condominiums and 120 hotel condominiums, the elliptical glass and aluminum building at the southwest corner of Huron and Rush streets will have 38,000 sf of office space for the Chicago diocese of the Episcopal Church, which is providing a ground lease to LR Development. Canyon Ranch will be spread over the 13th through 16th floors in the building at 65 E. Huron St., as well as have a restaurant on the second floor.

The hotel condos are planned for the 18th through 23rd floors, with the residential condos filling the 25th through 65th floors. Gone, however, is a five-story open void below the penthouse units. Filling in the hole at the top of the tower results in a 15% increase in the building’s square footage to nearly 800,000 sf, requiring Thursday’s recommendation by the plan commission.

LR Development president Tom Meeks tells GlobeSt.com units are likely to be priced in the neighborhood of $650 sf. Construction is expected to take about three years, he says, indicating there is no shortage of lenders. “We have a tremendous amont of interest in financing,” Meeks tells GlobeSt.com.

However, opposition remains from the Streeterville Organization of Active Residents, which notes 13 projects are underway or in the works that would add 5,000 units to the neighborhood. In addition, Canyon Ranch is expected to increase traffic, even though the building will include a 450-space valet parking garage.

“We’ve already down-zoned 75% of River North,” says 42nd Ward Alderman Burton Natarus. “We can’t down-zone everything because we’ll get another zoning lawsuit.”

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 Fall 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.