While the debate over new development in Jefferson Park continues, at least one major project appears to be moving ahead. A plan for a new 16-story tower with 114 apartments for the neighborhood was approved yesterday by the City Council's zoning committee, DNAinfo reports.
Dubbed “Jefferson Place,” the proposal went through a few iterations before landing at the final 16-story design. Originally unveiled in September 2015 as a 12-story development containing 96 apartments with 265 parking spaces, the height was bumped to 15 stories in January, and then up to 16 stories last month.
In addition to the 114 rental units, the new tower will also contain 200 parking spaces, and 10,000 square feet of total retail space. The development will be capped with a rooftop deck space and solarium. In an earlier message to constituents, 45th Ward Alderman John Arena stated that the completed development could generate $50,000 in annual sales tax revenue and upwards of $350,000 in property tax revenue for the Jefferson Park community.
Planned for what is currently a surface parking lot at 4849 N. Lipps Avenue, the new tower project is certainly one of the largest—and tallest—planned for the community.