Chicago's apartment tower boom will not be stopped. Yet another large luxury apartment tower is planned for the posh Gold Coast neighborhood. According to Crain's, developers Ryan Companies and Lincoln Property Company are teaming up to produce a 33 story tower at Clark Street and Chestnut Street. The plan includes 392 units and 159 parking spaces. No doubt, rents are expected to be quite pricey, considering its location to posh retail and restaurant offerings in the upscale neighborhood.
Crain's has reported that the tower is planned for the northeast corner of the intersection , which is currently where the Park Newberry condos sit. Perhaps they meant the empty lot on the southwest corner? Either way, it's important to note that, according to Crain's numbers, more than 6,000 apartment units are expected to be delivered in the downtown area by 2015. Should we be worried about an apartment bubble or is downtown and the Near North Side just making needed room to grow?
Update: Crain's has updated their article, which now states that the tower will be built on the US Bank parking lot southeast of Clark and Chestnut. We've also changed our post image to reflect this.
· Developers plan 33-story apartment tower in Gold Coast [Crain's]
· Previous Gold Coast coverage [Curbed Chicago]