Another downtown Chicago surface parking lot is going to bite the dust. Akara Partners wants to put up a 14-story residential building on the site across the street from the Hotel Felix.
The plan calls for just 28 residences on the top ten floors of the Near North Side building, which means that these are condominiums, not apartments.
This is the second condo building announced for downtown Chicago in recent months. Though it remains to be seen if this is a sign of the end of the apartment-building juggernaut the city has been going through lately, or just a means to make the finances work for a building on a piece of land this size.
The ground floor of the building will have 4,000 square feet of retail space. Between there and the residences are three floors of parking.
Like Akara’s other small residential building planned a block away in River North, this one fits into the existing DX-7 zoning for this area, and won’t have to go through a public comment period before going up.