In October, news trickled out that real estate firm Newcastle Ltd. had its eyes on a surface lot at Loyola's downtown campus. Details were vague at the time, but a recent Crain's article is helping to clarify things. Signs point to Chicago-based Newcastle moving forward with plans to build a 35-story tower at the southeast corner of State and Chestnut, on land it's purchasing from Loyola. The parcel is adjacent to the future site of Loyola's nine-story Quinlan School of Business. No word on the architect, but the 367-unit rental building will contain studios, one- and two-bedroom apartments and 185 parking spaces. The 3,200-square feet of retail space, along with the 7,000-square feet planned for the business school, will vastly improve the pedestrian experience along State Street. And Newcastle plans to move quickly. Construction could start in the third quarter of 2013.
·Newcastle plans 35-story apartment tower in Gold Coast [Crain's]
·Gift Allows for Nine-Story Building at Loyola's Water Tower Campus [Curbed Chicago]