DL3 Realty and Perkins&Will Unveil 25-Story, 300-Unit ACoDA Tower for 331 S Plymouth Court in Chicago’s Loop

Key Points

•  DL3 Realty selected to replace stalled 207-unit Assemble Chicago proposal
• New 25-story plan increases density to 300 units, including 60 affordable
• Retail, live work space, parking, and a $1.5M Pritzker Park upgrade included

A Reset for a Stalled Loop Site

A new mixed-use tower has been unveiled for 331 South Plymouth Court in Chicago’s Loop, replacing the previously scrapped Assemble Chicago project. The updated proposal, dubbed ACoDA, is being led by DL3 Realty and designed by Perkins&Will. The $162 million development will rise 25 stories at the intersection of South Plymouth Court and West Van Buren Street, adjacent to Pritzker Park. Compared to the prior 20-story, 207-unit concept, this version significantly increases both scale and density.

Bigger Density, Bigger Bet

The tower will deliver 300 residential units, 60 of which will be designated affordable. That jump from 207 units signals a more assertive approach to downtown housing supply. The four-story podium will feature ground-floor retail and restaurant space, co-working areas, and live-work lofts designed for local entrepreneurs. Residents will also have access to 60 parking spaces and a fifth-floor outdoor deck overlooking Pritzker Park. Importantly, the plan includes a $1.5 million upgrade to Pritzker Park. That public realm investment strengthens the entitlement case and positions the project as part of a broader neighborhood revitalization effort. For landlords and multifamily investors, this is a calculated density play in a downtown market still working through post pandemic office softness.

Design and Corridor Momentum

ACoDA draws inspiration from the nearby Fisher Building, incorporating an angled form and light brown decorative fins with a heavier use of glass. The active podium is intended to energize the southern stretch of State Street, an area that has struggled to regain consistent foot traffic. Nearby redevelopment efforts, including plans at 401 State Street, suggest early momentum is building along the corridor.

What Investors Should Watch

The project still requires City Council approval and must secure smaller grants before construction begins. General contractors Power Construction and UJAMAA Construction are slated to lead execution. Chicago’s Loop continues to face leasing challenges, but residential conversion and new multifamily density are increasingly viewed as central to stabilization. If approved, ACoDA would mark one of the most significant residential additions to the southern Loop in years. Execution and absorption will determine whether it becomes a true catalyst for State Street’s recovery. For now, DL3 Realty is making a firm bet that downtown Chicago living still has upside.