New Development Slated for Loop
The city of Chicago has selected a new mixed-use development for a prominent site in the Loop that overlooks Pritzker Park. The project reflects ongoing investment in the downtown core and signals confidence in Chicago's future as a business and entertainment hub.
- The project, named ACōDA, is a $162.2 million, 25-story high-rise that will be located at 331-35 S. Plymouth Court. - The development team is a minority-led venture headed by DL3 Realty, with Power Construction and UJAMAA Construction as the construction firms and Perkins & Will as the architectural firm. - The building will feature 300 mixed-income residential units, with 20% designated as affordable housing, alongside ground-floor retail, co-working spaces, and live/work lofts. - As part of the development agreement, DL3 Realty will invest at least $1.5 million in improvements for the adjacent Pritzker Park, which will include a new performance space, enhanced lighting, and public art. - The .35-acre site is currently occupied by a city-owned parking structure and some vacant land, which the developer will purchase for its market value of $3.8 million. - This project was selected from three proposals submitted in response to a 2025 Request for Proposals from the city's Department of Planning and Development. - The development aligns with the city's Central Area Plan, which aims to revitalize the southern part of the State Street corridor. - The site was previously part of a global competition called the C40 Reinventing Cities initiative, which sought to transform underutilized urban spaces into sustainable and resilient projects.
