New 25-Story Residential Tower Approved Downtown
Chicago officials have approved a new 25-story residential tower for the downtown area. The project adds to the city's luxury supply pipeline, signaling continued developer confidence and potentially shifting renter demand patterns as new inventory becomes available in adjacent neighborhoods.
- The project, named "The ACōDA," is located at 331-35 S. Plymouth Court, on a city-owned lot that previously housed a parking garage next to the Harold Washington Library. The $162.2 million development is being led by DL3 Realty, a firm historically focused on revitalizing communities on Chicago's South Side. - The design by architecture firm Perkins&Will proposes a 300-unit mixed-income tower. Perkins&Will's recent Chicago projects, like The Reed and The Cooper at Southbank, are known for their extensive amenity packages and focus on creating a neighborhood feel through public-private spaces. - As part of the project, developer DL3 Realty has committed to a $1.5 million upgrade to the adjacent Pritzker Park, which will include a new performance space, public art, and improved lighting. This aligns with the city's "Central Area Plan" to revitalize the southern part of State Street. - The unit mix will include 60 affordable apartments, satisfying the city's Affordable Requirements Ordinance. The building's podium is planned to feature live-work lofts, co-working areas, retail, and restaurant space, catering to the increasing demand for flexible work-from-home environments. - The development is classified as transit-oriented, with only 60 parking spaces for the 300 units, leveraging its proximity to multiple CTA train lines. This signals a targeting of renters who prioritize walkability and public transportation, a key demographic for the Loop. - This tower replaces a previously stalled project on the same site called "Assemble Chicago," which was a 20-story, 207-unit proposal from a different development and architecture team. The ACōDA represents a significant increase in density for the location. - The developer, DL3 Realty, is also part of a team converting a distressed office tower on LaSalle Street into 368 apartments, indicating a strategic focus on contributing to the Loop's residential population growth. - The project enters a Loop market that is rapidly transforming into a residential neighborhood, competing with the Gold Coast by offering modern new-construction amenities and a "fast-paced," highly walkable lifestyle close to the central business district.
