A 67-story, 500-unit hybrid residential tower designed by notable architect Robert A.M. Stern is proposed for the southwest corner of Grand and Peshtigo by Related Midwest, which has been on a development hot streak for the past few years in Chicago.
At one time, the site had been slated for a 232-unit condo tower that was to be developed years ago by developer Dan McLean, but he lost the Parkview East site in a foreclosure suit. An affiliate of Related Midwest bought the land last August for $24.6 million, according to county property records.
The project, if approved by the city, would seek to capitalize on two trends, namely the strong demand for luxury apartments with bountiful amenities and a lack of new condominium units in downtown Chicago.
North of the Chicago River, the only new development is the ultra-luxury Ritz Carlton Residences, along North Michigan Avenue.
Located at 451 E. Grand Ave., Related’s parcel is across the street from 500 Lake Shore Drive, a luxury apartment high-rise it completed last year and is 99 percent leased, according to Tricia Van Horn, a company spokeswoman.
As proposed, the still-unnamed building would tower over its neighbor. It would include 400 apartments and 100 condominiums and a 70,000-square-foot public park also owned by Related would be redesigned. A 900-space underground parking garage already on the site would be maintained.