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River North high-rise project seeks zoning bonus to build 26 additional units

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The developer will contribute over $400K to Chicago’s Neighborhood Opportunity Fund

A high-rise project already underway at the southwest corner of Wells and Hubbard is looking to grow in size by becoming the latest development to take advantage of Chicago’s revised density bonus program. While the amended plan would see the 152-foot office portion (sub-area B) of the two-building development by architect Hirsch Associates remain unaltered, the project’s residential component (sub-area A) will now rise 15 additional feet to a height of 285 feet and see its unit count swell from 193 to 219.

According to the project’s zoning documentation, 0.50 points of additional Floor Area Ration (FAR) will be achieved via developer Centrum Partners’ contribution of exactly $417,581.60 to Chicago’s Neighborhood Opportunity Fund. Eighty percent of the payment will go towards funding improvements in some of Chicago’s struggling neighborhoods while the remaining money will be evenly split between a local impact fund and the city-wide Adopt-A-Landmark program.

Joining the Gold Coast condo tower No. 9 Walton, the buildings at 215 W. Hubbard/412 N. Wells are the second development to reapply for bonuses mid-construction since the Neighborhood Opportunity Bonus system was adopted this spring. News of the River North project’s zoning amendment was first reported by Chicago Architecture Blog.