Another River North surface parking lot is slated to be replaced by a new 24-story residential tower. But guess what: This one is NOT for rent. Last night, JFJ Development unveiled its proposal to build a 283-foot-tall condo tower at 300 West Huron Street. While the developer mentioned that the site’s zoning made a rental tower economically unfeasible, this proposal certainly signals that times are changing, and developers are willing to bet bigger on the growing demand for condos in the downtown area.
The design by Hartshorne Plunkard Architecture includes a 3-story podium that hosts 16,000 square feet of ground floor retail space. The podium encompasses almost the entire footprint of the lot, with exception to a small “pocket park” that will sit on the Orleans Street side.
Although this proposal is not a rental tower, it includes an amenity floor similar to most rental developments in the area, featuring a fitness center, spa, pool, game area, grilling area, dog run, community garden, and even a ⅛ mile track.
The condos themselves will range from 2,000 to 5,000 square feet, feature private terraces, and will be arranged to sit two or four units per floor. While it was explicitly stated that pricing has not yet been “discussed,” the development team estimates pricing to be between $600 and $700 a square foot, which would have the condos starting in the $1.2 million range. Interestingly the building will feature a 1:1 parking ratio, with the ability for owners to add a second car to their parking spot via a parking lift.
While this development is just beginning on its path towards completion, the crowd’s sentiment at last night’s public meeting was generally one of praise. Comments were positive, and many of the attendees raised their hands to make remarks in support of the project, instead of those making the usual NIMBY-ish complaints.