Separately, Shapack proposes to follow other zoning applications to redevelop three sites southwest of the Salvation Army property near the intersection of Milwaukee and Union Avenue and Hubbard Street. The proposal includes three buildings in three parcels, for a total of 1,159 homes. It also includes retail space on the ground floor and a small amount of office space.
A collection of projects that require city council approval will be one of the most ambitious bets on the downtown apartment market. Roared From the devastation of the early COVID-19 pandemic.
It’s also piled up in a huge apartment project combination near the Chicago Tribune’s Freedom Center, which is ready to be redeveloped. $ 1.7 billion Barry’s casinos, hotels and entertainment venues Whether the gambling giant can get final approval from the project’s Illinois Game Commission and Chicago Planning Commission. Canadian developer Onni Group recently received city council approval to build approximately 2,700 apartments just north of the casino site on the southern tip of Goose Island.Onni too Closed transaction Plan to buy another large development site along the northern border of the casino facility and develop well over 1,000 residential units.
If the Shapack project is put together as planned, the area between Fulton Market and the northern tributary of the Chicago River will be further established as a fast-growing new downtown neighborhood.
I couldn’t contact the Shapack spokesperson.
Shapack is best known for developing a series of high-profile office, hotel and apartment buildings at Fulton Market over the last decade. Its most notable projects include a 750,000-square-foot office building at 167 N. Green St., the Hoxton Hotel, the Soho House Hotel and Private Club, and Parker Fulton Market apartments.
The hotel will be developed in front of the apartment building, according to sources familiar with the new Shapack project. This is the same as Shapack has begun work on increasing traffic in the neighborhood at Soho House and Fulton Market.
The new proposal combined includes a plan for 454 affordable units in the apartment building to comply with the city’s ordinance for managing affordable homes in housing projects, depending on the application of zoning. It has been.
At the Salvation Army site along the southern tip of Interstate 94 Ohio Street Feeder Ramp, Shapac plans to convert a six-story building on 509 Union Avenue into a hotel. The apartment building will be built on a property along the Des Plaines, and the current building will be demolished and replaced by a more densely packed apartment tower. The outlook for site development grew in 2017 after the city added more areas of the central business district eligible for higher density zoning.
According to the zoning application, Magnetar Capital founder Alec Litowitz and his wife Jennifer Litowitz are investors in both projects. They previously worked with Shapack to develop a 70,000-square-foot office building on 811 W. Fulton St. Sold in 2019 For over $ 50 million, a record price per square foot of a Chicago office building was paid.
The site near Hubbard Street includes two properties on the north and south sides of Millwalky Avenue and on the east side of Union Avenue. According to the Zoning Application, the properties acquired by Shapack in a split between 2016 and 2022 are currently primarily one-story buildings or ground parking lots.
The westernmost site between Milwaukee and Hubbard will be redeveloped in a 300-foot-high 337-unit apartment, according to the site’s zoning application. Shapack proposes a 350-foot-high 317-unit apartment and a 505-unit building 490 feet east of the Union in the section between Milwaukee and the Union.
The plan shows that all three of these projects will be coordinated with outdoor walkways through the ground floor. This is similar to the “Muse” concept Shapack developed at 167 N. Green St., which will continue significantly across the street. A new development that his company is planning at 170N.GreenSt.