I knew vaguely of this project, directly north of me, but I did not realize it was so freaking massive. SoFu is popping!
6-tower project planned | Chicago TribuneA Chicago-based developer intends to build a $750 million residential project near downtown that it said will have enough scope and variety to be a new neighborhood. Fifield Cos. is set Thursday to unveil finalized plans for a community called K Station that would link the West Loop and River North districts. It would include six residential towers with 2,451 luxury apartments, parking for 2,000 vehicles and 40,000 square feet of retail space, plus a Jewel/Osco supermarket.
The project would include a one-acre public park, walkways and five outdoor swimming pools, among other amenities. The company already is building the first two apartment buildings in the project. Over the next five to seven years it would complete work on all six towers, which will range in size from 30 to 43 stories. They will rise on the eight-acre site that long ago housed Kinzie Station, a commuter rail stop...The location is bounded by Kinzie, Clinton, Halsted and Wayman Streets, Fifield said
and there still is not nearly enough green space in this neighborhood. One acre per 10,000 residents (or whatever it is now) is simply not enough. Not to mention, this development is directly south of the Blommer's Chocolate factory, which has been cited by the EPA for particulate contamination.
We are still waiting for the infrastructure of a neighborhood to fill in - simple things like good Thai food, interesting coffee shops and boutiques, etc., but I suppose if 20,000 people live in this zip code that used to house 2,000, eventually the retail sector will catch up.
Tags: architecture, /West_Loop
From 2000 though 2005 a downtown condominium boom was fueled by eager young professionals and empty nesters who bought housing and now patronize the new shops, restaurants and entertainment venues that opened nearby.Much of the residential development has centered around the West and South Loop. Since 1991 the total number of downtown housing units doubled to approximately 100,000 while those in the South Loop tripled to 13,500, according to Appraisal Research Counselors, an appraisal and consulting firm.
...The West Loop has been another hot spot of downtown development. Since 1991 the number of housing units has more than quadrupled to approximately 14,000 from 2,900. There have also been several new office buildings. In the past eight years Fifield has produced four of the new office towers as well as two residential projects not related to K Station.
Last fall it completed construction on the first 37-story tower of the K Station neighborhood called Left Bank. Since November the 451-unit building, designed by Chicago-based DeStefano & Partners, has leased 90 units that on average rent for $2.29 per square foot with no concessions, said Cavenaugh.
Fifield developed it with a unit of Prudential Insurance Co. and expects to close on the sale of its interest to Prudential on Wednesday. It declined to state the price.
“We are a merchant builder and will probably sell some K Station buildings and keep two or three for the long term,” said Cavenaugh
Also in November Fifield started construction of the second 39-story K Station tower, with 350 units, designed by Pappageorge/Haymes Architects, due for completion by mid-2008.
A month ago the developer closed on the last four acres of the site, which it purchased from a Chicago-based subsidiary of Heartland Partners LP, successor to the Milwaukee Railroad.
This fall Fifield will break ground for a third 422-unit rental building, Cavenaugh said.
Apartments will range from studios to three bedrooms. Average rent for a 750-square-foot one-bedroom will be $1,710 and for a 1,050-square-foot two-bedroom about $2,400.
Fifield said that the project design and features, like the playground, performance stage, walking paths and sculpture, will create “a community that will provide residents with a sense of arrival and belonging.”
I have a couple photos of the empty lot, but haven't found 'em yet.
I like the idea of more residential,which, hopefully will bring mmore interesting shops... but Fifield says they are building a new neighborhood....its more like a city within a city. Nice to have a grocery store, but they don't seem to put any other retail in their buildings... how about ground level of all the buildings for boutiques, bookstores, coffeshops, kids stores... and, speaking of kids... the size of these apartments does not lend any of these huge buildings to kids. Once a newly married couple has a kid, they will be outta there... so, so much for community and neighborhood... Methinks it will be a transient mecca.
You are absolutely right: this project sounds more like Presidential Towers than anything that will make the surrounding neighborhood any more 'livable'. Hype over substance, in other words.