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Newcastle planning 2 new residential projects in Gold Coast
The two buildings would rise a block from each other and total 470 units
Newcastle Limited wants to build two residential buildings in the Gold Coast, adding to its sizable multifamily and commercial portfolio in Chicago.
The local developers are seeking the city’s approval to redevelop existing commercial buildings at 1120 North State Street and 1200 North State Street into a total 470 residential units, according to the Chicago Tribune.
At 1120 North State Street, Newcastle would build a 39-story, 368-unit tower that would replace one of the city’s last remaining Barnes & Noble bookstores. The building would include 158 parking spots and retail space.
About a block north, at State and Division streets, Newcastle is planning an 11-story complex that could include 102 units and a ground-floor restaurant. Newcastle bought the property — which currently houses a bank and two floors of office space — in August for $10 million. It was not clear whether Newcastle has bought the Barnes & Noble building, according to the Tribune.
Also unclear is whether the units are planned as apartments or condos. Alderman Brian Hopkins (2nd) announced the initial details of the projects in an email last week, and Newcastle plans to unveil more details at an April 10 community meeting, according to the Tribune.
The two new residential projects would significantly increase Newcastle’s footprint in Chicago.
A month ago, Newcastle bought a 227-unit River West apartment complex for $85.5 million.
Newcastle also recently paid $11.6 million for a 2,200-square-foot retail space on the ground floor of a residential tower at 2 West Delaware Place. That came just weeks after it picked up a retail building at 2368 North Clark Street in Lincoln Park for $6.1 million. [Chicago Tribune] — Joe Ward