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Parking garage near Millennium Park eyed for high-rise redevelopment

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Developers are reportedly planning hundreds of new rental units for the corner of Randolph and Wabash

50 E. Randolph
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The days are numbered for a low-slung parking and retail structure located steps from Michigan Avenue and Millennium Park at 50 E. Randolph Street. Despite an increasingly crowded and competitive downtown rental market, architect-developer Thomas Roszak and partner Dan Moceri plan to redevelop the site into a high-rise apartment tower, reports Crain’s.

Targeting a 2020 completion date, Roszak says his team could construct a 280 to 300-unit apartment building rising roughly 400 feet under the site’s current zoning designation. The duo’s other Loop projects such as the 33-story Linea apartments and a soon-to-break-ground boutique office tower were also built without having to go through the city’s zoning approval process.

The Moceri + Roszak project isn’t the only residential project in the works for the northeast corner of Chicago’s Loop. Upcoming projects include a seven-floor, 60-unit project at 171 N. Wabash and a plan to convert the 1925 Hartman Building at 30 E. Adams from offices to 176 rental units. Meanwhile, a glassy residential tower from developer Sterling Bay is rumored for 300 N. Michigan Avenue.