Crain’s Chicago Business has the scoop today on a new 35-story apartment tower planned for 1 East Chestnut Street, the corner of State and Chestnut, on the edge of Chicago’s Gold Coast.
The 365-apartment tower proposed by developer Newcastle will replace a surface parking lot and a one-story building, and is adjacent to a planned 10-story Loyola University classroom building. That building was announced this past summer, and if built, will replace a one-story beauty supply store and a five-story building built in 1898 with a bar on the bottom and apartments above. None of them are currently considered architecturally significant by the city.
Not too long ago, this stretch of North State Street was more than a little funky. But new developments have erased surface parking lots, grotty convenience stores, and urine-soaked S.R.O.’s with upscale hotels, apartment blocks, and retailers. Somehow, however, in spite of being torn down and rebuilt, the McDonald’s at State and Chicago continues to ooze funk into the neighborhood.
Crain’s notes the developer of the apartment tower hopes to break ground by the Autumn of 2013. There hasn’t been a peep out of Loyola about its planned building. It is being named after McDonald’s C.E.O. Michael Quinlan, who donated $40 million to the school. The school is expected to use money from the sale of the land for the Newcastle tower to help build the $63 million classroom building.