WEST LOOP —
Over 600 more flats could be added to the West Loop’s rapidly expanding district with the construction of two residential high-rises.
LG Development, which was granted approval for a 29-story high-rise with 486 units in 2021, is the project’s proposer. At 170 N. May St., a 25-story structure with 287 units, and at 175 N. Racine Ave., a 38-story tower with 380 units, are the two phases of the project that the business is now pursuing.
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In order to tackle high borrowing rates and construction costs for “large-scale developments” that are challenging to fund, LG decided to adopt a two-phased strategy, LG executives told The Real Deal.
Developers unveiled building renderings and the project’s phases at a community gathering on Monday night.
The apartment complex at 170 N May will be anchored by a possible grocery store. Credit: Provided The 287-unit apartment building at 170 N. May St. and a grocery store in a ground-floor retail space are part of Phase One.
Together, the two phases will result in 667 residential units—133 of which will be affordable—and 509 parking spaces spread throughout the two buildings.
Image – Block Club Chicago
The Department of Planning and Development and Ald. Walter Burnett (27th) can designate $620,000 from the increased density for initiatives in the vicinity of the property under the 27th Ward’s Local Impact Fund.
A corporation has already expressed a great interest in taking over the grocery store; however, the tenant’s details are confidential, according to Michael Ezgur, an attorney for LG Development.
Additionally, the prospective grocer has indicated interest in utilizing a space along the building that is seven feet wide for a small outdoor cafe or a “farmers market area.”
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“This initiative has been lucky for us. Naturally, the grocer who already wants to be here is the project’s hero and sort of focal point, according to Ezgur.
Officials from LG Development are hoping that by adding a grocery store, the area will become more walkable and perhaps less traffic-heavy.
In addition, a traffic signal at Racine Avenue or May Street near the project will be added by the Chicago Department of Transportation due to increased demand and density in the neighborhood.
Moreover, a traffic study is being carried out in the region to ascertain whether making Racine Avenue a one-way street will facilitate better traffic flow, according to developers.
“As soon as possible,” according to Ezgur, phase one will begin. Building might begin early in the following year, assuming permits are obtained and the City Council gives its permission. Phase two is expected to start as soon as phase one is finished.