Chicago Green Lights Vista Property’s 32K SF 3-Tower West Loop Project

A mixed-use development, addressed at 370-401 N Morgan Street in the West Loop area of Chicago, has recently received approval. The Chicago City Council gave the green light for this project, developed by Vista Property and designed by Gensler.

The proposal and the next steps: As far as it has been revealed, the project involves a three-tower concept that will replace several existing buildings near the railway tracks. The developer is actively pursuing all required approvals for the development, which was endorsed by the Plan Commission earlier this year.

The entire development is estimated to cost $448.4 million and will encompass 32,000 square feet of public space. The next step for the developer is to secure the necessary financing before commencing construction.

The ultimate goal: In summary, the idea is to create up to 1,450 residential units, comprising various configurations such as studios, one-, two-, and three-bedroom layouts. Notably, 20 percent (290 units) will be designated as affordable housing. 

Additionally, the development will feature over 480 vehicle parking spaces distributed across the three buildings. The project will also include small plazas around the primary intersection and retain some existing buildings along N Sangamon Street.

Phase-wise breakdown and costs:

• 370 N Morgan (Phase I): $150.8 million - This 35-story tower on Morgan Street will include 492 residential units and commercial space on the first floor, along with parking facilities.

• 400 N Morgan (Phase I): $154.4 million - This 41-story tower north of 370 N Morgan will house 478 residential units, retail spaces, and a parking garage. 

• 401 N Morgan (Phase II): $143.2 million - The tallest tower at 45 stories will rise incorporating existing buildings and feature retail and residential units.