A full building permit has been issued for 160 N. Morgan, a mixed-use tower planned by Sterling Bay and joint venture partner Ascentris. Located between CTA Morgan L station and W. Randolph St., development has recently begun construction and secure financing of CIBC Bank USA.
With a design by bKL Architecture, the tower will be 29 stories tall and stand 350 feet tall. The project is expected to produce 282 apartments consisting of studios, convertibles, one-bed, two-bed and three-bedroom apartments. The building will provide 2,600 square feet of retail space facing N. Morgan Street, while providing residents with 89 car parking spaces and 153 bicycle parking spaces.
To meet the ARO requirement of 20% affordable units, Sterling Bay will provide 28 units (10%) on site with a mix of 9 convertible, 6 studio, 8 one-bed, 4 two-bed and 1 with three bedrooms. unity. Fees paid in place of the remaining units will total $5.26 million and will be paid to SL Solar Lofts at 2548 S Federal Street in the South Loop. This building will be durable and energy efficient and will provide 28 affordable and 16 market price units.
Walsh Group will oversee construction alongside joint venture partner BOWA Construction. With all permits in hand, construction can continue to completion. The work should be completed in the fourth quarter of 2023.