Two-tower proposal pushed for West Loop parking lot

A development firm with long-held intentions to build on a West Loop parking lot has offered a revised plan that calls for construction of more than 1,000 high-rise apartments.

The proposal from Pacific Reach Properties would place two towers of 47 and 40 stories on a roughly half-block site at 601 W. Monroe St., next to Heritage Green Park. The firm has scrapped plans for a hotel in a likely concession to the turmoil in the travel market because of the pandemic.

Ald. Brendan Reilly (42^nd) detailed the latest proposal in an email to constituents. Reilly cited revisions he called “notable improvements,” including reduced building heights and added retail space to encourage active street-level uses. The design includes 430 parking spaces, a slight reduction from an earlier plan.

At 1,053 apartment units, the development would be the largest residential addition to downtown in years. Two towers allow for a phased approach that would let Pacific Reach start the second tower after the first was built and substantially leased. The architecture is by Solomon Cordwell Buenz.

“I’ll be spending the next few weeks gathering community feedback on the proposal,” followed by a review with city agencies, Reilly told the Chicago Sun-Times. His ward includes the property. He said the developer has provided more lower-level residences and “active retail facing the park,” which should improve security.

The development would be just south of the Presidential Towers quartet of buildings that dates from the 1980s and was built when the area was considered a “skid row.”

Pacific Reach, headquartered in Vancouver, British Columbia, did not immediately answer a request for comment Monday. Its other Chicago property is the 265-unit apartment building called Linea at 215 W. Lake St. It reports holdings in Los Angeles and Phoenix as well as several Canadian locations.

Reilly said that in exchange for increased density, Pacific Reach would contribute $5.5 million to the city’s Neighborhood Opportunity fund that backs commercial improvements on the South and West sides.