New York–based developer Symmetry Property Development has proposed a 60-story, mixed-use high-rise for Chicago's River North neighborhood, according to Curbed Chicago.
The tower would house 216 hotel rooms, 120 hotel timeshare units, 246 condominium units, 30,000 square feet of retail space and a parking garage.
- The project could require the demolition of a handful of historical row houses nearby that do not have landmark status but are nonetheless representative of 19th-century residential construction in that part of the city.
The proposal by Symmetry Property Development comes as Chicago sees a surge in commercial and residential property expansion driven by large companies like Caterpillar and McDonald's that are relocating their headquarters to the city. Chicago's expansion in employment opportunities and reputation as being accessible to young, skilled workers coupled with its comparatively lower cost of living has been a boon to the city's development growth in recent years.
In late January, construction began on a similarly-sized luxury apartment high-rise in Chicago's South Loop. The 56-story building will house 479-units, a number of which will be set aside for low-income renters. In September, crews broke ground on the $1.5 billion riverfront redevelopment, also in the South Loop. Spearheaded by Lendlease and co-developer CMK Companies, the project will feature eight high-rises that will house a total of 3,600 residential units in the form of condominiums, townhouses and apartments.
The city's rental supply levels are forecast to increase by 150% from the mid-2005 mark to 2018, with 8,005 units across 23 buildings currently being built and 10 residential buildings in leasing. Data from Appraisal Research Counselors found that the rapid uptick in apartment construction has the city's downtown multifamily market reaching its tipping point — progress that could trigger a drop-off in rent prices by the second half of 2017.
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