Loop project bringing 300 new apartments near Harold Washington Library
The city of Chicago announced Wednesday it has selected DL3 Realty to redevelop a cluster of city-owned parcels into a 25-story apartment building in the Loop.
The Roseland-based real estate firm will build the $162.2 million high-rise, called Acoda, at 331-35 S. Plymouth Court. The 0.35-acre site includes a city-owned parking structure that will be demolished, as well as three parcels of vacant land.
Leon Walker, CEO and founder of DL3 Realty, said it's a site that’s been neglected for a long time.
“We think this is a diamond in the rough that needs to be lifted up and polished off so that people could really appreciate the opportunity we present here,” he said.
Acoda will have 300 apartments, with 20% affordable, according to the city’s Department of Planning and Development. There will also be ground-floor retail and restaurant space, a co-working space, live-work lofts and 60 parking spaces.
The project, designed by architecture firm Perkins & Will, is eligible for up to $5 million in grant funding from the city.
"As we continue to confront the housing shortage head-on, I'm thrilled the city is supporting this 300-unit project that includes 60 much-needed affordable homes for the Loop," Mayor Brandon Johnson said in a news release. "The investment will empower people from all walks of life to live in the beating heart of our city, extending job opportunities as well as access to public transit and Chicago's numerous cultural and community amenities."
DL3 Realty is also committing at least $1.5 million to upgrade the adjacent Pritzker Park, at Van Buren and State streets. Improvements will include a performance space, improved lighting and public art, according to the planning department.
On the same block, at 22 W. Van Buren St., was a building used as Elwood Blues’ apartment in the movie "The Blues Brothers," which was filmed in and around Chicago. But that portion of the block was demolished in 1990, according to the planning department.
Walker said he thinks Acoda is a great opportunity for a live, work and play environment, especially as buildings Downtown continue to be converted for other uses.
The property's live-work units will be like duplexes: The first floor will have space for tenants to work and host meetings, while the second floor will serve as the private living quarters.
“We find that to be incredibly attractive to emerging entrepreneurs and others who just can't afford to pay two rents while they're getting their business off the ground,” Walker said. “Every time we put live-works out, we have a waiting list for those that want to rent those units.”
Acoda will complement the city’s LaSalle Corridor Revitalization, an initiative to convert office buildings into apartments, with many of them affordable. DL3 is part of the development team overhauling the Field Building, which will create 386 new apartments, in addition to retail space.
But the Plymouth Court project is one of a few opportunities in the Loop for new, ground-up construction, Walker said.
“Downtown has slumped and gone through its changes after COVID in terms of how we work and live,” Walker said. “There's a great opportunity to make this a live, work, learn and play environment, but we need new buildings and new product to make that happen.”
The site’s zoning hasn’t been determined and could require a planned development designation, according to planning department Deputy Commissioner Peter Strazzabosco. The land sale will include a redevelopment agreement requiring the City Council's approval.
The planning department said the proposed $3.8 million purchase price is the site’s market value. The sale hasn’t closed yet, but Walker said the firm is aiming to break ground in 2027, with construction taking about 18 months.