City Land Sale Will Lead To New South Loop Apartment Tower
A City-owned parking lot in the South Loop will be redeveloped into a 39-story apartment tower through a land sale approved today by City Council.
The 39,000-square-foot site on the southeast corner of 9th and State streets will be sold for $6 million to Ninth St. Investors LLC, the successful respondent to a request for proposals (RFP) issued by the City in 2010. The goal of the RFP was to foster the site’s redevelopment with a high-quality, mixed-use building containing ground-floor retail uses and on-site parking.
The $111 million tower designed by SCB Architects will include 396 market-rate rental units, 9,500 square feet of ground floor retail space, and four levels of parking for at least 248 cars.
As a requirement of the proposed sale, the developer will pay $4 million into the City’s Affordable Housing Opportunity Fund. The fund assists with the construction of affordable housing developments throughout the city.
The complex will create more than 50 full-time building operations and retail jobs and more than 300 temporary construction jobs. Construction will begin in 2014.
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