Today's City of Chicago Plan Commission agenda is looking rather crowded with new proposals like Jeanne Gang's Solstice on the Park and River North's so-called "Assumption Tower" seeking approval alongside large scale residential redevelopment plans such as the Edgewater Medical Center and Lathrop Homes master plan. Joining the list is a 28-story condominium building slated for the Gold Coast. Designed by Pappageorge Haymes Partners, the 351-foot tower will feature a mere 50 units. The development site is currently a surface parking lot located at 1010-1028 N. Dearborn just north of the Ruth Page Center for the Arts. The property is owned by both the arts center and neighboring Palette and Chisel Academy. Transfer of the lot as well as air rights over the existing buildings will be dependent on the tower's approval. Though the proposal's 87 parking places (hidden behind yet another blank-walled podium) may seem to be on the high side, some of those spaces will be made available to the condo building's nonprofit neighbors.
The site is being developed by Ron Benach's Lexington Homes. Known primarily for its work in single family suburban home-building, 1010-1028 N. Dearborn will represent Lexington's first foray into highrise development. Though the group did have a plan in place for a 17-story condo tower in Lincoln Park, the deal fell apart last summer. The Dearborn proposal is seeking a zoning adjustment for the site which is currently classified as RM-5 Residential Multi-unit District. The developers will require the increased density afforded by an RM-6.5 designation to move forward as proposed. If all goes to plan, they hope to be in the ground by this summer with an approximate 18 month construction timeline to follow. Joining projects such as No. 9 Walton and 4 East Elm, 1010-1028 N. Dearborn is another early indication that condos are once again en vogue — at least for Chicago's wealthier buyers. According to Crain's, units in the new building may be able to fetch as much as $1000 per square foot, placing 1010-1028 N. Dearborn in the same rarified air as its luxury Gold Coast peers.
·Developers Propose Gold Coast Condos in Ruth Page Center Parking Lot [DNAinfo]
·29-story residential tower proposed near Newberry Library [Crain's]
·Gold Coast archive [Curbed Chicago]