Chicago’s West Loop is getting a makeover that will reach new heights for the neighborhood.
Chicago-based Loukas Development revealed its plans to convert a site that houses a two-story commercial building into a 51,000-square-foot mixed-use building that will reach 46 stories, according to YIMBY Chicago.
Once complete, the building would feature a 10,000 square feet of commercial space, plus 539 residential units, with about 20 percent designated for affordable housing. Loukas tapped local design firms BKL Architecture, Confluence and DLA Piper for the project. The developer will pitch its plans to the Committee on Design on Wednesday, March 8, according to the outlet.
Rising 530 feet, the building would soar above nearby structures, including another proposed in an adjacent lot, located at 1338 W Lake St. It will have a lower podium as the base for two conjoined towers running vertically.
The building will have parking accommodations for 371 vehicles and 777 bicycles. Although design plans have not yet been finalized, the podium is expected to be capped off with an expansive amenity deck featuring a swimming pool on the fifth floor.
The proposal also includes a large outdoor plaza in front of the building.
The designers are working on alternate options for the facade and structural layout, but the initial design has already been released publicly. The current rendering depicts a podium with cladded vertical masonry, glass and metal panel spandrels, accented with decorative fins.
The mixed-use project illustrates the strength of the city’s commercial real estate sector, which bucks a nationwide trend since the pandemic.
Despite the losses of Boeing, Citadel and Caterpillar, the Chicago area has retained its No. 1 spot as the nation’s leading city for commercial real estate investment.
The Windy City broke its own record for luring corporate relocations and expansions last year, making it the nation’s top metropolitan draw for investment for the 10th consecutive year, despite the high-profile headquarters defections, CoStar reported, citing a ranking by Site Selection magazine.
-Quinn Donoghue
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