Fern Hill aims to deliver some eye candy to the North Side’s Old Town area with a colorful apartment tower.
The firm, led by former Related Midwest executive Nick Anderson, has unveiled plans for a 36-story, 500-unit development at 1600 North LaSalle Drive, near the city’s largest park and Lake Michigan, Crain’s reported.
The project, dubbed Old Town Canvas, calls for demolition of the single-story Walgreens at the site, but a new store would be included in the high-rise. With an estimated cost ranging from $200 million to $300 million, Fern Hill is banking on the steadily growing apartment demand in Chicago.
The development was briefly in flux as David Adjaye, a famed architect who was designing the structure, stepped away amid sexual assault allegations. It would have been Adjaye’s first Chicago project.
Now, with GREC Architects leading design, Fern Hill is making strides with the proposal, about two years after first taking interest in the project. Old Town Canvas is slated for 400 market-rate units and 100 affordable units, adhering to city regulations regarding affordable housing in new rental buildings.
It’s also set to include ground-floor retail space and a parking garage, the outlet reported. The building’s exterior would be adorned with colorful panels that change hues throughout the day, paying homage to the neighborhood’s artistic heritage.
Fern Hill has gathered community feedback over the past two years to help guide its vision, before presenting its proposal during a Sept. 26 meeting, hosted by 2nd Ward Alderman Brian Hopkins. Residents have stated that they wish to see more retail options in the area and a new grocer to replace a Treasure Island store that closed in 2018 within a property now owned by Fern Hill.
Multiple nearby property owners, including the Moody Church, have allowed the developer to acquire “air rights,” enabling the construction of a taller building than permitted under the city’s zoning code. This move not only supports the project’s size but also acts as a safeguard against excessive future development in the vicinity.
Old Town Canvas will still need support from City Council in order for construction to commence.
— Quinn Donoghue
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The post Fern Hill pitches colorful 36-story Old Town housing tower appeared first on The Real Deal.
Fern Hill aims to deliver some eye candy to the North Side’s Old Town area with a colorful apartment tower. The firm, led by former Related Midwest executive Nick Anderson, has unveiled plans for a 36-story, 500-unit development at 1600 North LaSalle Drive, near the city’s largest park and Lake Michigan, Crain’s reported. The project,
The post Fern Hill pitches colorful 36-story Old Town housing tower appeared first on The Real Deal. Uncategorized, Housing Market, Multifamily Market, Retail Market The Real Deal Read More
Lead by real estate veteran Robert Khodadadian, Skyline Properties has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.