Chicago’s Gold Coast is synonymous with luxury living. From million dollar walk-ups to awe-inspiring high-rises the area is bursting with top-of-the-line real estate and known as one of the best Chicago neighborhoods.
This is exactly why Don Wilson, a local trader, founder, and CEO of DRW Holdings LLC wants in on the action. According to a zoning application filed on July 24, Mr. Wilson is leading a venture to build a residential high rise at State and Elm Streets. Along with Wilson, the project will also include developers Fred Latsko and Mark Hunt.
Preliminary plans include building a forty-unit luxury residential tower at 1149-67 North State Street featuring 4,200 square feet of ground-floor retail and 80 available parking spaces. The developers plan to keep the existing two-story retail space that currently is located within the drafted plans at 1163-67 N. State. However, a few smaller retail structures are headed for demolition that includes a three-story building at 1149 N. State.
The plans proposed in the zoning application highlight a tower that will rise 335 feet, which is twice the currently permitted height of 155 feet, according to city documentation. Consequently, a zoning reclassification must be approved for Wilson and his development team to move forward with the new construction. Reclassification of the zoning parameters requires both support from the residing neighborhood and backing of Alderman Robert Fioretti (2nd).
Yet, when asked about the new plans by Crain’s, Alderman Fioretti stated, “They have yet to reach out to my office. They haven’t reached out to anyone in the community. To sneak this in is unacceptable.”
Aldermen in Chicago have controlled most zoning decisions in the past, which gives them a significant influence over the shape and evolution of neighborhoods. Thus, with Fioretti’s recent statement it is uncertain if the plan will pass.