More jaw-dropping development could be on the way for the New Eastside, and no, we’re not just talking about Vista Tower, which is currently under construction with listings already on the MLS.
According to a series of reports, a number of mixed-use towers are currently in the works for one of the largest urban development projects in the country, and if built, would bring hundreds of additional residences and hotel rooms to the fast-growing neighborhood.
Two of the new towers, which would be a joint-collaboration between Magellan Development and Australia-based Lendlease, would top out at 80 stories and 50 stories respectively and be situated right alongside Lake Shore Drive just south of the river.
A third tower is also being discussed that would stand 40 stories high and be situated just west of the two larger buildings, but that’s not all. Believe it or not, there’s also talk about building another fourth tower just west of the third tower near Aqua Tower, which would stand 60 stories high and include 640 apartment residences and 569 hotel rooms.
As noted by Crain’s Chicago Business, Magellan already has zoning approval for the buildings and is planning to submit a lakefront protection application sometime in the near future.
Should the mega project be fully approved and move forward as planned, the first three towers combined would include 1,400 condos and apartment residences, and as mentioned, the fourth would add 640 more rentals to an already saturated apartment market, and of course 569 more hotel rooms to Chicago’s growing inventory of downtown hotel space.