A new apartment and hotel tower at 300 N Michigan Avenue recently gained approval from the Chicago Plan Commission. The project cleared the commission last month, paving the way for a 46-story tower to replace a low-rise building sitting near Millennium Park.
Plans for the mixed-use tower call for 289 residential units, topped off by ground-level commercial space and 280 hotel rooms. Plans also call for some parking. The more than $250 million project brings with it some affordable housing units.
The developer plans to put millions into Chicago’s Neighborhood Opportunity Fund in exchange for greater density and height with the project. That money is expected to help small businesses on Chicago’s West and South sides.
300 N Michigan is one of three large downtown developments to recently gain approval from the commission. Altogether they’re expected to bring around 500 apartments, nearly as many hotel rooms, and a large amount of commercial space to the area.