Two large projects that will be among the tallest buildings in the area west of downtown Chicago are up for approval Thursday, projects that signify developers’ continued interest in the Near West Side despite mixed signals from the market.
The Chicago Plan Commission will consider zoning applications at its Thursday meeting for a 30-story office tower at 357 N. Green St. and a 46-story residential building at 1300 W. Lake St. It typically approves matters on its agenda, sending them to the City Council for final action.
Even if developers don’t plan to start construction soon, wrapping up the zoning helps them secure financing. They could then begin work quickly if demand favors their projects.
But hybrid work schedules have upset demand for office space. Some observers also believe it has cut into demand for living close to jobs in the downtown area.
The Green Street office project would occupy vacant property at the southwest corner of Kinzie and Halsted streets. Its backer is Onni Group, a firm based in Vancouver, British Columbia, that has an active portfolio in Chicago.
Paul Purewal, Onni’s development director, said the building will have health and wellness features to appeal to companies who want workers back in the office, at least part of the time. He said data shows office tenants are prioritizing leases in the newest buildings.
He declined to discuss specific features in the building, designed by Chicago-based Solomon Cordwell Buenz. It will have commercial space on the ground floor and rooftop, perhaps a restaurant with downtown views, and 300 parking spaces.
“We will start on this as soon as the market allows,” Purewal said.
The Kennedy Expressway runs at an angle beneath the property, so the building is massed on part of the site not directly over the highway.
The rest will include an entry plaza and open space across Green Street from a linear park planned along the north side of Metra right-of-way. The park is supposed to extend westward, alongside another office building under construction at 360 N. Green, and lead pedestrians straight to a Guinness brewery that’s expected to open this summer.
The 46-story Lake Street building by Loukas Development and bKL Architecture would include 593 residences and 330 parkings spaces. It would be built on land now occupied by the butcher shop Peoria Packing, a holdover from Fulton Market’s days as a meat and produce center.
Developer Aristithis Loukas could not be reached for comment.
Twenty percent of the apartments would be offered at reduced rents under the city’s affordability ordinance.
Harry Katsiavelos, president of Peoria Packing, said he has a contract to sell the property to Loukas. Katsiavelos said he will relocate his business to a modern space at 4521 W. Roosevelt Road, perhaps before 2025.
