Rental tower seen by 2013

Jupiter Realty seeks city OK

10/14/2009 10:00 PM

By MICAH MAIDENBERG
Editor

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Transportation connections are the inspiration behind a new rental tower Jupiter Realty is pitching for the eastern edge of the West Loop.

A Jupiter-owned limited liability corporation is seeking permission to build a 36-story rental building, according to public records, over parcels at 108-124 N. Jefferson.

Jupiter president Donald Smith cited access to Ogilvie Transportation Center, elevated lines and the Kennedy Expressway in describing why his firm chose the site. The ability to walk to work and transportation options is critical, he said.

The proposal calls for 304 units and 248 off-street parking spaces, as well as retail on the ground floor. Units would average around 800 square feet, and be offered in a mix of studio, one-, two- and three-bedroom apartments.

While few new residential projects have broken ground of late, some developers have sought zoning changes to ensure projects are ready to go should building begin anew. Others have sought to switch from residential to office uses.

Jupiter, on the other hand, jettisoned office space from the Jefferson project, dropping the building’s height from 42 to 36 stories, according to Smith.

Smith said the firm is eyeing a groundbreaking late next year or in early 2011, with the building complete by 2013.

Additional rental units could be needed in neighborhoods surrounding the Loop by then, Smith said, as no new condominium or rental buildings will be built in the next couple of years. Demand could build up.

“We think the timing could be right,” he said.

The rental market downtown is challenging right now, Smith acknowledged — a “shadow market” of condominiums being rented out has increased supply.

Smith declined to name a dollar amount for the project. He said Jupiter would be pursuing a Leadership in Energy and Environmental Design certification for the structure.

Jupiter has been involved with a wide-range of hotel, residential, office and condo construction projects across the county, according to its Web site.

The Plan Commission was scheduled, as of Chicago Journal’s deadline, to consider the Jupiter project at its meeting today, Oct. 15, though Smith estimated the project might be delayed until November.

Where to put the data

A South Loop-based construction firm is pitching a different kind of project for a parcel near McCormick Place.

McHugh Construction Co. is proposing to build a six-story electronic data storage center at 2206-2236 S. Indiana and 109-133 E. Cermak, according to public records.

Further details about the data storage center proposal were unavailable. A call to the firm was not returned as of Chicago Journal’s deadline Wednesday.

Among the high-profile projects McHugh has worked are renovations of the Blackstone Hotel and the Hotel Allegro, the Trump Tower and the Aqua building, north of Grant Park.

The Plan Commission is scheduled to consider the project at its meeting today.

Contact: mmaidenberg@chicagojournal.com


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