As first reported by Curbed, construction can now officially begin on the new 41-story, 444-unit tower that’s planned for the old Gino’s East site in River North. Just last week, the city finally issued permits that will allow the foundation of the new structure to be built out, meaning it’s only a matter of time before we start to see the area’s next residential high-rise to come to fruition.
Demolition for the old eye-sore of a restaurant started back in July and now as we approach the end of 2015, this long-awaited project finally seems ready to get rolling, which should be wildly popular despite the luxury rental market in the city being flooded with new development.
Located at 167 W. Erie, the impressive new tower was designed by Loewenberg Architects and is expected to include a lifestyle deck over the existing office building at 640 N. LaSalle, which will act as 167 W. Erie’s base. Also a part of the new development will be an additional 7,100 square feet of retail space, which will be divided into smaller parcels for boutique tenants interested in opening smaller cafes, retail spaces, or art galleries.
As far as the living spaces go, expect a nice mix of studios, convertibles, 1-bedrooms, 2-bedrooms, and even a few 3-bedrooms mixed in as well. According to reports, the average unit size is said to be around 758 square feet and initial pricing should be somewhere in the neighborhood of $3.25 a square foot.