A new residential tower for the Gold Coast is officially moving forward now that the deal for the property is complete. Developer Lexington Homes unveiled its plan to erect a new 28-story glassy tower on the surface parking lot adjacent to the Ruth Page Center for the Arts to the community earlier this year and then introduced the proposal to the Chicago Plan Commission shortly after. Unlike many other new tower projects built in the last couple of years, this development will feature 50 for-purchase condominiums. The design comes from Chicago’s Pappageorge Haymes Partners, a firm that has been quite busy during this most recent development cycle.
Lexington Homes paid the Ruth Page Center $16.6 million for the property. Commercial brokerage KIG represented the Ruth Page Center during the sale. According to Venetia Stifler, the executive and artistic director of the Ruth Page Center, the sale of the property was done in order to ensure a future for the nonprofit organization. "Like so many non-profits, we were greatly affected by the financial crisis our country was facing in 2008. The endowment created by the sale of the parking lot will help safeguard the future of the Ruth Page Foundation," Stifler said in a written statement.
- New Gold Coast Condo Tower Seeks Plan Commission Approval [Curbed Chicago]
- A Handful of New High-Rise Projects Are Moving Forward [Curbed Chicago]