LG Development is planning a 10-story, 166-unit rental complex on the Near West Side, joining other investors with multifamily projects in the area.
The Chicago-based developer bought a three-story, 35,000-square-foot warehouse in the 1200 block of West Jackson Street for $5.4 million from the Fred Baker trust and now has filed plans to tear it down, according to city and county records.
The building had been home to FredEric’s Frame Studio, according to Bisnow.
The Chicago Plan Commission in March approved LG’s plans for the rental project, which include paying $732,000 into the Chicago Neighborhood Opportunity Fund and offering 29 affordable units on site and four more off site.
The building also will include about 7,000 square feet of retail and 30 parking spots, Crain’s reported last year. Some 66 of the apartments will be studios, 94 will be one-bedrooms and six two-bedrooms.
The property sits just southwest of the booming Fulton Market district and near where a proposed zoning change could add to the expansion of new development.
LG joins other multifamily investors with projects nearby, including Chicago-based Cedar Street and New York-based JK Equities.
The LG project is only a few blocks north of where Rush University is building a $473 million cancer and neurological care facility.