A Chicago developer plans to build a 29-story residential tower on a Near North Side parking lot, close to the Newberry Library.
The tower at 1028 N. Dearborn St. would contain 50 units—two per floor on most levels—and would have large private terraces on its upper floors that pinwheel around the core of the building, giving each privacy from the others, according to a zoning application introduced at the Sept. 24 Chicago City Council meeting, Crain’s Chicago Business reports in Chicago Real Estate Daily.
In the zoning application through a venture controlled by long-time developer Ron Benach, it is not specified if the units would be condominiums or apartments, but their size and location suggest condos, at two per floor they’ll have approximately over 4,500 sq. ft. each.
The project would include 50 parking spaces or more on its lower floors and according to the documents it could be as many as 72 spaces, with some provided to the arts organization next door.
The Ruth Page Center for the Arts, established by the late ballerina, is one door south of the lot, and the Palette & Chisel Academy of Fine Arts is two doors south in the two-story 19th century mansion where it has been housed since 1921.
Both arts buildings will continue in their uses, according to the proposal documents from the developers, who have not yet purchased the parking lot. Typically, that happens after the City Council approves a development plan, Crain’s reports.
Benach has been building homes in the Chicago area since the 1960s, at four successive firms, including separate ventures named Lexington and Concord. Lexington has not done high-rises before this one and a 17-story apartment project for a site at 523 W. Diversey that was announced last year.
