Dive Brief:
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Development of a 44-story residential tower block in Chicago’s West Loop neighborhood has taken a step closer to reality after securing a construction permit last week, according to Curbed Chicago.
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At nearly 500 feet tall, the cylindrical One South Halsted will be the city’s tallest building west of the Kennedy Expressway. Designed by FitzGerald Associates Architects, is being developed by Fifield Companies and F&F Realty with Lendlease as the general contractor.
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The tower is expected to include 492 rental units and 9,500 square feet of retail space on the ground floor. Plans also include a parking garage. The foundation and structural work to the eighth floor is covered by the permit and is valued at $136 million.
Dive Insight:
Despite a tight construction lending environment nationally and stagnant net population levels in the Midwestern city, the One South Halsted tower is among several high-rise residential projects on the boards or in the ground there.
Earlier this month, news emerged of work starting on a 479-unit, $240 million luxury apartment building in Chicago’s flourishing South Loop neighborhood. Essex on the Park is expected to be complete in 2019.
Meanwhile, work started in September on the Studio Gang-designed 98-story, $1 billion Vista Tower, which is expected to include 406 luxury condominiums. At 1,144 feet, it will be the third-tallest tower in Chicago when complete.
One of the largest developments in the city currently is the $1.5 billion Chicago Riverline project. The Lendlease-led joint venture is expected to add 3,600 residential units to the South Loop. It joins recent commercial and residential development along the Chicago River in the city.
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