Mixed-Use Development At 525 S Wabash Avenue In The Loop Approved
The Mixed-Use Development in The Loop has been approved by the Chicago City Council, and this is a big deal. This project will have an impact on the future of The Loop as it creates more residential living options near the business district. Mixed-use developments are becoming increasingly popular because they combine commercial and residential spaces to make a more livable environment for residents.
Two mid-sized towers will rise to join downtown Chicago's skyline by 2024 after the $350 million mixed-use development plan received final approval from the city.
The City Council's approval follows that of the Chicago Plan Commission in August and the city council’s Committee on Zoning, Landmarks, and Building Standards in September. `
The Illinois developer Eterra Plus plans is to construct a 23-story and a 36-story building at 523-45 South Wabash Avenue. The two structures will be linked by a retail, residential, and parking podium with 151 parking spots and 770 parking spaces for bikes.
Image source: BKV Group
The two buildings will be located on the site of an existing parking garage and a parking lot.
This new mixed-use development in the Loop features luxurious rental units, modern hotel rooms, and prime commercial space. The development offers hotel rooms, residential units, and 42,000 square feet of commercial space on the first and second floors of the buildings. It was designed by BKV Group, and construction is anticipated to be finished in 2024.
Chicago Mayor Lori Lightfoot's initiative to increase the number of affordable housing units in the city has already had an impact. The new development will also provide affordable housing units. These new buildings in The Loop will feature 78 affordable units. These will be a mix of studios, one-bedroom, two-bedroom, and three-bedroom units.
Image source: BKV Group
The north building is a 24-story structure that rises 266 feet tall. It will house a 405-key hotel component and residential apartments. The south tower is a 36-story residential tower 376 feet in height.
The podium is designed to integrate well with the existing Goodman Center Building on the corner of Ida B. Wells and Wabash. The heights of the buildings serve as a transition between the taller towers to the north down to the smaller scale of The Blackstone Hotel to the south.
Hotel guests and residents in the northern tower will enter the building off E Ida B Wells Drive. There will be a separate lobby for people staying at the hotel.
There will also be a restaurant on the second floor with an outside balcony facing E Ida B Wells Drive as part of the hotel experience.
Residents of the southern building will enter through a residential lobby located on E Harrison Street.
Delivery access will be along the alley or a mid-block access road that runs through the project site. In addition, there will be drop-off and pick-up zones in front of the residential lobbies.
The neighborhood will benefit from the inclusion of public facilities such as outdoor space and bicycle amenities. Grocery-anchored retail space will also be included in the podium retail area, which will serve residents of the new building as well as shoppers from The Loop.
The project will obtain a Green Globes 2-Globes classification. To do this, it must construct green roofs, provide electric vehicle charging stations, and divert 80 percent of construction waste to sustainable uses.
Image source: BKV Group
Public Transport Options
The closest subway station is the Harrison CTA L station, which is served by the Red Line. The site is close to a number of bus routes and three Chicago Transit Authority (CTA) lines that operate near the facility. There are many taxi and ride-hailing services available outside the building.
The Harold Washington Library – State & Van Buren CTA L station, which is served by the Brown, Orange, Pink, and Purple Lines, can be reached in a six-minute walk.
The Blue Line's Jackson CTA L stop is an eight-minute walk from the development. The Adams/Wabash CTA L station on the Green Line is a seven-minute walk away.
The CTA's 2, 29, 146, and 148 bus routes may be accessed at the State and Harrison stops, which are within a three-minute walk. You can catch the 147 CTA bus at the Congress and Wabash station on the northern edge of the site.
This is a huge win for The Loop and Chicago as a whole! Mixed-use developments like these are crucial to creating more livable and sustainable neighborhoods. We can't wait to see the finished product!
If you are interested in living in The Loop, this is definitely a development you will want to keep an eye on! Contact The Delphine Team and we will let you know as soon as there are units available. And meanwhile, we can show you other prime locations on The Loop or elsewhere in Chicago.