Georgetown Plans Massive 37-Story Multifamily Tower in North Side, Chicago

Get ready, Chicago! The Georgetown Company, a New York-based real estate firm, is setting the stage for a significant residential development in the heart of the Windy City. The ambitious plan involves replacing the former Bank of America building with a towering 37-story, 396-unit apartment complex. This project, if approved, could redefine the skyline of Chicago's North Side, particularly the Old Town and Lincoln Park neighborhoods.

Project Details and Challenges

The proposed site for this grand development is 1565 North Clybourn Avenue, a prime location across from the NewCity shopping center, an Apple store, and the CTA Red Line train station. However, before the project can proceed, Georgetown needs a zoning change. This process involves gathering feedback from the community and securing the approval of Alderman Brian Hopkins, the Chicago City Council, and the local residents.

Another challenge Georgetown faces is securing sufficient financing for the project. With rising interest rates and a tightening lending market, this could prove to be a significant hurdle. However, Georgetown has a history of pursuing ambitious projects despite market challenges, as evidenced by their ongoing 25-story office building project near Hudson Yards in New York City.

Impact on the Neighborhood

If approved, this project could bring a dramatic shift to the Old Town and Lincoln Park neighborhoods, which are currently dominated by shorter structures. The tallest buildings in the vicinity, including the SoNo towers, the Residences at New City, and the recently completed Big Deahl tower, all fall below the 30-story mark. The introduction of a 37-story building could set a new precedent for future developments in the area.

Future Prospects

The timeline and estimated cost for this development are still unclear. Georgetown acquired the property, part of a shopping center, for $64 million in 2015. The site also includes a two-story retail building and a four-story parking structure, both of which are expected to be retained. With the largest tenant, Mitchell Gold + Bob Williams, ceasing operations last August, there is ample space for new tenants to move in, further enhancing the appeal of this development.