Last week, renderings were released for an upcoming project at 1136-40 South Wabash, a property that sits adjacent to the CTA Roosevelt station. The project was recently revealed to the Greater South Loop Association and marks yet one more residential project for the booming South Loop area. The proposal is being developed by a joint venture of Keith Giles and CA Ventures and will be constructed on a city owned surface parking lot which the development team has a contract to purchase from the city for $4.4 million. The proposal's latest version calls for a 25-story rental apartment building, with residences stacked between floors 5 through 24. The first three levels will be reserved for parking and ground level retail space, while the fourth level will feature the building's amenities. Capping the top of the building would be a 25th floor lounge.
The proposal has also upped the density since it was first announced at 280 units in a similarly scaled tower. The latest version has reduced the overall unit size to offer more apartments for rents below the $2,000 per month threshold, aiming for a younger renter demographic. This redesign of the tower's interior results in a gain of 40 additional units for a total of 320 apartments, making great use of the transit oriented location. With exception of the 24 story State Place tower at 1101 South State Street, the location is on a block occupied by exclusively low and mid-rise structures. This allows the proposal to make a rather significant contribution to the South Loop skyline when viewed from the west, despite its relatively modest height of 299 feet.
Before the recession hit, the site was targeted for developing student housing, but this like another planned dorm tower at Van Buren and Wabash never got off the ground before the economic downturn hit. The site has seen soil testing and some potholing to examine the composition of the site's subterranean geology and the locations of buried foundations from previous buildings. Lend Lease, the general contractor who is currently working on CMK's nearby apartment tower 1333 South Wabash has since been hired to build the 1136-40 project, which is expected to begin fairly soon as no zoning change is needed.
— Shawn Ursini
·24 Story Apartment Tower Planned for South Loop Surface Lot [Curbed Chicago]
·The Fuse Has Been Lit for the South Loop's Next Big Building Boom [Curbed Chicago]
·Apartment Boom Town archives [Curbed Chicago]