After recently innovate and rating foundation permit, a full building permit has been issued for 741 N. Wells. Marking the final procedural hurdle before construction can be completed, developer Vista Property is now fully approved to complete its new tower for the vacated site. Formerly occupied by a one-story commercial building and a three-story structure, the new tower will stand just off W. Chicago Ave, offset by a historic brick building that will be preserved at 755 N. Wells.
With Antunovich Associates in charge of the design, the new mixed-use tower will be 21 stories tall, holding 168 residential units and 9,400 square feet of retail space. Rising to 255 feet, the mix of apartments will consist of 50 studios, 101 single beds and 17 double beds. 51 parking spaces will be included on the second and third floors, with bicycle parking provided for 150 bicycles.
Designed with a contemporary loft vernacular, the building will utilize floor-to-ceiling glass with a small amount of metal paneling. The front facade will have a subtle indented edge set back from the street to allow for wider views to the south. In order to provide relief on the ground floor for outdoor dining, the commercial space will be set back in line with the setback of the building.
Tenant facilities will include an indoor dog park and dog spa, fitness center, outdoor fitness space, club room, coworking space, and outdoor patio with swimming pool. The existing building at 755 N. Wells will be retained and used as retail and office space. To meet affordability requirements, the project will include five units on site at 60% AMI and a payment of $2.4 million in lieu of the remaining 13 units.
VISTA Property financed the project with an initial mortgage from Huntington Bank and also engaged Luxury Living Chicago Realty, downtown Chicago’s premier residential rental marketing, consulting and brokerage firm. With Skender in charge of construction, completion is scheduled for 2024.