An existing parking ramp could soon transform into the site of a new condo tower in Chicago’s Gold Coast neighborhood. Developers recently released plans for the 40 W Oak high-rise.
The slender tower plans for just 90 upscale condos and 160 parking spaces. Some of those spaces would be reserved for the neighboring rehab center.
The 500-foot building is taller than some nearby buildings, but shorter than others. It’s said to still retain some signature style points of its architect, however, including ornamental balconies, a sculpted crown, stepped corners and vertical buttresses. Still, it has been toned down when compared to an earlier rendering of the project that was released last year.
The height of the building means it has to proceed through Chicago’s Planned Development process. To succeed, the project still needs city approval and agreement from the 2nd Ward alderman.
The tower, as proposed, would contribute more than $4.5 million to the city’s Neighborhood Opportunity Fund.