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Developer Wants to Replace Loop Parking Garage With 33-Story Rental Tower

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A developer has come forward with a new plan to transform a downtown parking lot into a new apartment tower. Architect and developer Thomas Roszak has told Crain's that he and a partner are looking to plant a 33-story tower at 215 W. Lake Street in the northwest corner of the Loop that will contain 265 rental units. While the downtown apartment landscape is becoming more and more competitive, the tower project wouldn't be Roszak's first rodeo. The architect/developer was one of the partners behind the JeffJack tower block in the West Loop that was completed earlier this year. Shortly after opening the project, the partners sold the JeffJack development for $82 million, cushioning their wallets for the next big deal. While many developers have to face a lengthy community input process for tall towers, the proposal doesn't seek a zoning change and the developers already have a large amount of cash on hand. That means that as long as they can line up financing, breaking ground wouldn't be too far off into the future.

·Two more towers planned for Loop, one with 83 stories [Crain's]
·Previous Loop coverage [Curbed Chicago]
·Apartment Boom Town archives [Curbed Chicago]