New 25-story residential tower gets approved in the heart of downtown Chicago

A prime Loop site is getting fresh life as a new residential tower is officially planned at the city-owned lot at 331-35 S. Plymouth Court.

According to Crain’s Business Chicago, the Chicago Department of Planning and Development announced that it had picked the proposal on Wednesday, targeting a location that currently holds a parking garage, alley and vacant land next to the Harold Washington Library.

The 25-story tower, dubbed The ACōDA, would bring 300 mixed-income residential units to the heart of the Loop with about 20% of those required to qualify as affordable housing under the city's ordinance. Ground floors would feature retail, restaurants and coworking space, per a report from Block Club Chicago.

Only 60 parking spots are planned for the site, leveraging a recent city ruling that reduced the parking minimum for buildings with public transportation in the near vicinity. The proposed site is located very close to the CTA stations at Harold Washington Library and Jackson.

According to a press release by the city's Planning & Development Department, the winning proposal was presented by development firm DL3 Realty, which brought forth a $162.2M vision that aims to reinvigorate the beleaguered South State Street shopping area. 

In addition to the main construction, DL3 committed to investing $1.5 million in upgrades to nearby Pritzker Park, with changes including a performance space, improved lighting and new public art.

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The project aligns with the city's “Central Area Plan 2045”, a holistic development initiative designed to guide Chicago's growth over the next 20 years. 

The site is noted for being an extremely connected location in Chicago, sitting at a transit intersection between courthouses, the University of Illinois Chicago School of Law campus, and the Harold Washington Library, among others.

In the same city press release, it was noted that the development company could seek a $5 million city grant, though the site lacks TIF aid. The developer would buy the 0.35-acre lot for $3.8 million market value. Backed by Ald. Robinson, it heads to the City Council for zoning approval.

DL3's work primarily focuses on South Side projects like Thrive Englewood and converted offices on LaSalle Street. The company has won numerous awards for outstanding community development in recent years, coinciding with the city's promise to grow downtown ethically and inclusively.