May
28

Rendering Reveals: Apartment Tower to Replace Long Stalled Loft Development?

May 28, 2014

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[renderings via SkyscraperPage user spyguy]

At the corner of Huron and Kingsbury sits a five story warehouse that was once the planned site of a 26 story residential tower that ultimately fizzled out during the sad denouement of the early aughts condo bubble. The development languished for years in foreclosure and then failed yet again as a loft-conversion project called Park Kingsbury Lofts. Last year, Marc Realty bought the building from the previous owners to help pay off their debt, and while early reports indicated that the new owners intended to follow through with the 40 unit loft conversion, it appears now that the plan is to raze the building and replace it with an 11 story, 111 unit apartment tower with 5,723 square feet of ground floor retail.

Two recently surfaced renders show designs for the project, which fill not only the footprint of the warehouse but also the parking lot adjacent to it at the corner of Erie and Kingsbury, directly across the street from A. Montgomery Ward Park. We’re not yet sure who the designer of this tower is at this time, but the solid wall on the east side seems to indicate that the planned retail would all be facing the park to the south.

The northwest corner of River North was perhaps the epicenter of the condo building boom, and since the collapse has seen stagnation in any kind of construction or development. However, things are beginning to look up with multiple nearby projects underway including 750 Hudson, the the site of the Howard-Johnson Inn, and the former site of the Gino’s East at Ontario and Wells.

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This post was authored by Curbed Chicago contributor Aaron Dunlap

· Apartment developer to buy River North warehouse out of foreclosure [Crain's]

Marc Realty Residential [Official Website]

· Previous River North coverage [Curbed Chicago]

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