December 18, 2007 – A new high-rise condominium could be in the works for the northern end of Lake Shore Drive. According to a story in the Sun Times, developer J. Paul Beitler is attempting to put together a deal to build a 45 story tower on the parking lot located adjacent to St. Andrew’s Greek Orthodox Chruch on 5649 North Sheridan. The church actually owns the property and Beitler has been working with St. Andrew’s and neighborhood groups to identify concerns and potential problems that construction of the high-rise could cause.
Besides the inevitable traffic impact, one of the sticking points is the need for parking. General consensus is that additional spaces would need to be included in the development and one possible variation of the project includes a large garage that could accommodate at least 600 spaces. Only 274 of those would be needed for the condo, so the remaining spots could be used by church members and local residents.
The entire development, which is designed by architects Pappageorge Haymes, comes at an estimated cost of $100 million. That sum might require a subsidy via tax increment financing. But that would come with stipulations for making a percentage of the condos available at lower, affordable rates. Most of the Lake Shore Drive developments are higher end luxury condos and the requirement for units priced at rates below market value would have to be worked into the budget somehow.
Beitler is optimistic and plans to keep moving forward with the project and attempt to gain zoning approval this coming spring. If so, there could be a fresh Lake Shore Drive development to join the ranks of Pre Construction Condos in Chicago for 2008.
[tags]Lake Shore Drive, Chicago Condos, Chicago Real Estate[/tags]