Just a few weeks after the Loews Hotel and North Water Apartments highrise opened up in Streeterville, a developer has come forth with a proposal for a new highrise that will go right next to it. Jupiter Realty and Pappageorge Haymes have teamed up on the apartment tower plan for 465 North Park, which is proposed to stand just over 500 feet tall, and will include 444 apartment units, 181 parking spaces in a disguised indoor garage, and 11,650 square feet of retail space fronting every street-facing side of the building. The only zoning change being requested from the city is to increase the number of dwelling units, and the reception among Streeterville neighbors in attendance at the presentation was generally positive, so this project might make it through the approvals process in time to meet their target construction start date of January of 2016.
The lot itself was previously approved by the zoning board as a Planned Development for a 57-story residential tower to be developed by a different developer, who backed out of the project years ago. Jupiter was able to develop this new tower with a whole new design under the existing PD, except for the change from condos to apartments necessitating an increase in the number of units as rentals tend to be smaller.
The apartment tower will be priced in the mid-luxury range, similar to other new rental projects in Streeterville and Loop areas, with the standard amenity deck on the fifth floor, as well as a smaller skydeck on the top floor of the tower that should offer sweeping views of both the lake and the city. Expect to pay around $2,800 per month for an 800 square foot unit.
The tower itself is narrow and curvaceous, reminiscent of One Museum Park, though much narrower and not as glossy. Brian Kidd of Pappageorge Haymes said the shape was designed to offer optimal views to residents, specifically stating that the coalescing oblate shapes were inspired by stacking leaves.
The northwest corner of the building, at the intersection of Park and Illinois streets, has a large retail space intended for a restaurant, with traditional retail space extending around the north and eastern sides of the building. In order to disguise the 181-space parking garage that makes up the five story base, apartments will be wrapped around part of the base where possible, and on the western side the garage will be disguised with finishing and embedded lighting that's supposed to make it look like there are apartments in there, not parked cars. That's a good amount of effort put in to conceal parking, which is commendable.
·New High-Rise Plans Revived for Dormant Streeterville Site [Curbed Chicago]
·Previous Streeterville coverage [Curbed Chicago]
·Apartment Boom Town archives [Curbed Chicago]