Like a good neighbor, the new Loews Chicago Hotel played host to the Streeterville community Tuesday evening to introduce the potential new kid on the block, Jupiter Realty Company’s 465 North Park Drive. Alderman Brendon Reilly (42nd) let the public in on the updated plan for the site (Not this one – those are the old plans), a 513-foot, 45-story tower at the corner of North Park Drive and East Illinois Street.
The vision of Pappageorge Haymes architect Brian Kidd, the 444-unit rental tower would provide 181 parking spaces on 5 levels. That’s a 43% decrease, for those public-transit champions doing the math. The overall 490,200 square feet would include 11,650 square feet of retail space. A five floor amenity level would feature a pool, greenspace, fire pits, and more luxuries.
And while there was even a graphic included in the evening’s proceedings to point out how much this version of 465 North Park differs from its predecessor, the developer’s proposed plans to renovate the broken down tract across the street, Ogden Plaza Park, may have garnered more attention from the eager crowd. As explained in detail by landscape architect Joel Baldin of Hitchcock Design Group, the park would be completely redone, from the thick canopy of trees and high exterior walls that obscure views, to the crumbling infrastructure and deteriorated building materials. In its place, a new park would take shape, a two-tiered plaza to match the 20-foot elevation change from East North Water Street down to East Illinois Street.
The park would include new LED lighting, a dog-friendly area for residents with pets, updated seating areas, and fancy entry stairways. All while protecting access to the parking facility beneath street level. In fact, a new membrane will be installed once the old park has been stripped away, to provide waterproofing for the parking garage, before the transformation work on the park begins. Many in the audience expressed appreciation, even glee, at hearing the park’s renovation would include decreasing the width of Park Street and removing the line of taxis often parked along the curb.
If Jupiter Realty has its way, 465 North Park Drive would break ground in Winter 2016, with LEED Silver certification their goal. As of today, prospective tenants should expect to pay aprox $3.50/sq ft to live in Streeterville’s latest high rise.