New Construction Luxury Real Estate is really booming in Chicago. Currently being discussed in River North is one of the largest developments proposed to date. In the new proposal, Symmetry Property Development has proposed a sixty story tower located at the intersection of Wabash, Superior and Rush. The mixed use development would contain 216 hotel rooms, 120 hotel time shares, 246 luxury condos, almost 30,000 square feet of retail space and parking for 325 vehicles.
In the lot currently there are three Victorian buildings that are not currently protected as historic landmarks by the city of Chicago. These structures are currently designated as orange-rated. This designation means that the buildings possess architectural feature or another association which made the building significant to the community. A number of residents suggested that the existing facades of these buildings be included in the design of the tower.
The prevailing concern of the tower amongst neighbors at the meeting is the traffic congestion that a new tower of this size could bring. To combat any issues adding to the traffic congestion in the area, the architect added measures such as having the parking garage entrance in the alley instead of on Superior or Wabash and there would be no curb side parking. Because of the size of the structure, The Carillon will require city approval.
The overall impact of a project of this size will surely be felt by the luxury condominium buildings located in the Cathedral District. In the neighboring block is 25 E Superior, a 51-story condo building delivered in 2003, also potentially impacted are The Pinnacle located at 21 E Huron delivered in 2005, 55 E Erie that was delivered in 2004. This is sure to be an exciting new addition to River North and the Cathedral District in downtown Chicago.
By: Terri McAuleyChicago Condos for Sale
“Chicago’s Luxury Condo Specialist”