There are currently 2 parking lots in the South Loop 633 S. Lasalle St. and 410 S. Wabash. These 2 parking lots will be replaced with luxury residential apartment buildings that will also have commercial space.
633 S. LaSalle Street
London based “coliving” Company The Collective is looking to replace the parking lot at 633 S. LaSalle Street with a 17-story project along Printer’s Row. This has been a project and development a long time in the making dating back to 2006 when a Chicago real estate investor Ayman Khalil bought the structure at 619-633 S. LaSalle in 2006, near the height of the real estate market, for $7.45 million according to Chicago Business.
The Collective’s Chicago location will mark its first U.S. project outside of New York City. The company also has two locations in London, according to its website. “This is collective living, co-living buildings designed to connect and inspire you, through shared spaces and experiences. We’re reimagining renting so you can live your best life”, is their slogan on their companies website.
410 S. Wabash Avenue
Proposed for the parking lot at the southwest corner of Wabash and Van Buren, this 24-story apartment development will rise roughly 260 feet along the southern edge of Chicago’s central business district.
It calls for 344 rental units: 220 efficiency units, 60 one-bedrooms, 61 two-bedrooms, and 3 three-bedroom apartments. The ground floor features retail space and a lobby set back from Wabash, topped by a 104-space parking garage.
The Collective’s Chicago project will include a number of amenities including co-working space and bike parking, according to Curbed. Details about the number of living units have not been released.
An increasingly popular housing option, the coliving concept offers residents a more affordable entry point in a neighborhood by providing smaller, fully furnished private bedrooms and shared common spaces. A single payment from the tenant covers rent, utilities, furniture, and even linen service.
According to the presentation, The Collective’s Chicago expansion will include various indoor and outdoor amenities, including an onsite coworking space. Jointly designed by FitzGerald Associates Architecture and Berkelhamer Architects, the transit-oriented project will provide parking for bicycles but no cars.
The company aims to begin construction as early as this summer and open in early 2021.