Two developers are proposing separate high-rise projects in downtown Chicago that would bring a total of nearly 1,200 units of housing and a 300-key hotel.
The larger plan is from Interforum Holdings, which wants to build two towers at 525 South Wabash Avenue, according to Crain’s. The proposal includes a combined 777 apartments and 314 hotel rooms, according to the report. BKV Group will design the buildings. There would be one 36-story apartment tower and another tower of 23 stories, which would have apartments and the hotel.
Miami-based Crescent Heights wants to build a 47-story tower with 413 units at 640 West Washington Boulevard, Crain’s reported. The developer bought the site for $20 million earlier this year. Chicago firm Hartshorne Plunkard will design the building.
Developers say they could break ground in late 2021.
The projects are a good sign for a Chicago residential market that has struggled during the pandemic, but in recent months experienced a rise in home sales and prices
Nationally, the multifamily market has fared far better than hotels, retail and offices.
Crescent Heights is known locally for its 800-unit Nema Chicago tower, at the south end of Grant Park.
[Crain’s] — Orion Jones