New Residential Projects Rise in The Loop
Development in Chicago's Loop is advancing with a 300-unit apartment project underway near the Harold Washington Library. Additionally, a 25-story mixed-use building has been selected for a city-owned redevelopment site in the area, adding to the downtown residential supply pipeline.
- The 300-unit mixed-income project at 331-35 S. Plymouth Court is named ACōDA and will be a 25-story, $162.2 million development led by DL3 Realty. This transit-oriented building will have 60 indoor parking spaces for its 300 units, taking advantage of the city's ordinance that eliminates parking minimums near public transit. - Of the 300 apartments in the ACōDA building, 20% (60 units) will be designated as affordable, in compliance with Chicago's Affordable Requirements Ordinance. The developer, DL3 Realty, is also involved in other major downtown projects, including the conversion of the historic office building at 135 S. LaSalle into 386 apartments, which is slated for completion in 2027. - The development at 331-35 S. Plymouth Court will feature a mix of residential units, ground-floor retail and restaurant space, co-working areas, and live/work lofts. As part of the project, DL3 Realty will also provide at least $1.5 million for improvements to the adjacent Pritzker Park, which will include a new performance space, better lighting, and public art. - The ACōDA project is part of a broader trend of increasing residential development in The Loop, which includes numerous office-to-residential conversions. For example, the building at 79 W. Monroe is being converted into 117 apartments, and another project at 65 E. Wacker Place will create 252 apartments from a former office building. - This influx of new residential units contributes to the ongoing transformation of The Loop into a more mixed-use neighborhood. The city's "LaSalle Street Revitalization Initiative" aims to create 1,400 mixed-income apartments in the coming years, with 300 of those designated as affordable.
