The southwest corner of North Clark Street and West North Avenue is one of those places in Chicago with so much potential, and so little accomplished. But that is expected to change in the near future.
Los Angeles-based CIM Group, Chicago’s Golub and Company, and Avoda Group have bought the project, most recently the site of a diner, to build a high-rise luxury residential tower currently known as 1550 North Clark.
You may remember CIM Group from such hits as Block37, and 1001 South State. It’s been in partnerships with Golub before, most spectacularly their $240 million purchase of the Tribune Tower.
About a year and a half ago, the City of Chicago approved a plan for a very nice looking 48-unit, postmodern high-rise at this location, designed by Main Architecture. How much of that 128-foot-tall design with remain is a big question mark now. Golub president and CEO, Michael Neman says, “We are working with the Chicago-based architecture firm Solomon Cordwell Buenz on a new design with updated floor plans, finishes and amenities that fit within the framework of the existing development program approvals. We anticipate unveiling the new design this summer.”
One thing you can count on with this project are its views of Lincoln Park and Lake Michigan. The views to the north and northeast look over the Moody Church and the Chicago History Museum, so they’re not going to be blocked in our lifetimes. To the south is the Germania building, which is a landmark that’s not going to be trifled with. And anything that’s not historic has its air rights owned by the developers of this building.