Thin New 41-Story Tower Planned Near Millennium Park

Posted by Helaine Cohen on Monday, September 7th, 2015 at 2:16pm.

Already the home of a number of new projects, Chicago’s famed Millennium Mile may be slated to receive at least one more.  The stretch of Michigan Avenue between Millennium Park and the Chicago River is gaining new ground with a proposal from an established developer.

BJB Partners of Park Ridge is interested in building a new mixed-use tower along this popular stretch of Downtown Chicago.  The proposed 41-story tower is slated to go in just to the south of the Millennium Park Plaza tower and across the street from Millennium Park.  

While that tower already includes apartments, BJB Partners wants to construct a new tower blending hotel rooms and residences.  At this point, it’s not clear whether those residences will include rental apartments or condominium homes.  At one time the development was proposed solely as a rental tower but the addition of hotel rooms is included in the newest proposal.  In fact the plan consists of 74-units right now, but few other details are being released about the actual project.

Because the property in question is so slender, the tower itself will need to be very thin.  While Chicago already includes some projects with tight quarters it’s often more of something you might see in New York City than Chicago.  It’s said the actual property is smaller than a tennis court.  The site used to be the location of La Strada restaurant but is now vacant.

BJB Partners also is the force behind the nearby Millennium Park Plaza, the company’s largest apartment building in Chicago.  It helped renovate the retail space on the street-level of the building, attracting new tenants to the area.

The area is booming right now with the Virgin Hotel and Chicago Athletic Association hotel opening not far away earlier in 2015, as well as other developments that opened in recent years.  Millennium Park’s opening more than 10 years ago, as well as the resurgence of the Loop has helped to lure more interest to the neighborhood.



Helaine Cohen, Chicago Real Estate Broker

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