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New High-Rise Plans Revived for Dormant Streeterville Site

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Streeterville has been a whirl of activity lately, and the latest development news comes in at the tune of a 444-unit apartment towner planned for the site just north of the new Loews Hotel at the corner of Illinois and Park Streets. The new Pappageorge Haymes-designed project, as Crain's reports, is expected to be fully unveiled soon by Chicago-based developer Jupiter Realty. Along with its partner, the New York-based insurer MetLife, Jupiter is reviving plans it originally conceived prior to the 2008 economic crash with current site owner, Hanover, a Houston-based company.

Originally the two firms planned on a 273-unit tower at the site with an average of 1,500 square feet per unit, but such floor plans wouldn't mesh with the escalating rent costs in the area, prompting Jupiter to condense the units to a much more affordable 840-square-feet-per-unit average. Pending the zoning changes and construction loans necessary to permit and finance the project, the Jupiter/MetLife joint venture expects to break ground on the new tower in early 2016 with an expected completion in 2018.

Benjamin van Loon

·444-unit Streeterville apartment tower on the drawing board [Crain's]
·Previous Streeterville coverage [Curbed Chicago]
·Apartment Boom Town archives [Curbed Chicago]