Condo Project Planned Near McDonald's New HQ
Renderings for a twin-towers condo project were unveiled to West Loop residents at a community meeting last night. The two nine-story buildings, if approved by the city, would each contain 28 "family-style" condos, which have proven successful for developers in recent years.
The project from Peerless Real Estate would be steps from where Sterling Bay is building McDonald's new HQ, another selling point for prospective buyers. Residents had issues with the buildings' 110-foot heights and lack of active use on the ground floors, according to Curbed.
The site has DX-3 zoning, which has no height restrictions and allows for up to 50 units. But the development FAR exceeds 5.0, meaning Peerless would need to obtain a zoning change and contribute to the city's Neighborhood Opportunity Fund. Peerless would also provide funding for six affordable housing units off-site, per the rules in Chicago's Affordable Requirements Ordinance. [Curbed]