Just as the greystone two-flats in Chicago’s neighborhoods are gradually being replaced with more modern versions of themselves, the tony walk-ups of Chicago’s Gold Coast are being swapped out with glittering boxes of luxury and utility.
The newest high-end retail box about to arrive on the shore of Lake Michigan is at 57 East Oak Street. This building, and its neighbor at number 59, were torn down a few months ago after New York’s Jenel Management paid a reported $70 million for both properties.
Now the city has issued a permit to build its replacement:
The new building, called 65 East Oak Street, will combine the footprints of both old buildings into a multi-client retail experience. It’s situated across the street, where the former Esquire Theater underwent a similar transformation years ago.
The design from Toronto’s NORR is two levels of retail downstairs, and two levels of restaurants and bars upstairs. Construction is expected to be complete in 2018.