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LG Development approved for rental complex amid West Loop building boom
The Chicago developer's plan will include substantial affordable component, along with retail
LG Development is moving forward with its plans for a 166-unit residential building in the West Loop, adding to the multifamily development boom in the area.
The Chicago-based developer received a building permit for its 10-story rental project at 1220 West Jackson Boulevard, city records show. The transit-oriented development will include 7,000 feet of ground-floor retail and 30 parking spots.
Because the project falls within the Affordable Requirements Ordinance pilot zone, LG will include 29 affordable units on site and an additional four affordable units off site, according to the city Department of Planning. The developer will also pay $732,000 into the city’s Neighborhood Opportunity Fund.
The site used to house a three-story, 35,000-square-foot warehouse, which LG bought for $5.4 million. A representative from LG did not immediately respond to a request for comment.
LG’s project will join a number of other residential developments rising on the west end of the West Loop.
A block south, Chicago-based Tandem is developing two towers totaling 401 apartments. Also nearby, the John Buck Company and Lendlease are working on a 590-unit residential complex at Halsted and Madison streets.
On Dec. 26, partners from New Era Chicago picked up the mixed-use building around the corner from LG’s development.