December 26, 2007 – Back in March of this year the Chicago Plan Commission approved Park Ridge developer BJB Partners LLC’s 40 story apartment tower project. BJB owns the land, which is located on the corner of Randolph Street and Michigan Avenue in Millennium Park. Currently the space is occupied by La Strada Ristorante, which has been serving up great Italian meals for 28 years. There is a possibility that the restaurant will relocate in the building when completed in 2010. Another casualty of the new project will be J Randolph’s Bar and Grill which does business next door and will have to be torn down to make room for the new tower.
Solomon Cordwell Buenz is the architectural firm credited for the design of the new apartment building. Plans show a streamlined tower that optimizes the somewhat limited amount of construction space available on that particular spot of real estate.
This future apartment high-rise will contain 80 rental units. Millennium Park Place, which is also owned by BJB, contains 550 apartment units and is located north of the proposed building site. This new tower would be the first rental project that BJB has launched in about ten years. The developer is certainly no stranger to the rental market and owns over 40 apartment buildings and properties in the Chicago area.
Appraisal Research Counselors put the number of third quarter sales of Downtown Chicago Condos down some 65 percent from last year, but the demand for rental units is up, with the number of new apartments planned for the next year estimated at close to 2,000. With increased demand, there may be more apartment high-rises in the works.
[tags]Millennium Park, Chicago Condos, Chicago Real Estate[/tags]