Developers Crescent Heights, Interforum bet big on Chicago

Separate proposals combine for 1K+ apartment units and 300-key hotel downtown

Chicago /
Dec.December 08, 2020 03:51 PM
Alex Zdanov from Interforum Holdings and Russell Galbut from Crescent Heights (Interforum Holdings, Galbut Family Office, Getty)

Alex Zdanov from Interforum Holdings and Russell Galbut from Crescent Heights (Interforum Holdings, Galbut Family Office, Getty)

 

Two developers are proposing separate high-rise projects in downtown Chicago that would bring a total of nearly 1,200 units of housing and a 300-key hotel.

The larger plan is from Interforum Holdings, which wants to build two towers at 525 South Wabash Avenue, according to Crain’s. The proposal includes a combined 777 apartments and 314 hotel rooms, according to the report. BKV Group will design the buildings. There would be one 36-story apartment tower and another tower of 23 stories, which would have apartments and the hotel.

Miami-based Crescent Heights wants to build a 47-story tower with 413 units at 640 West Washington Boulevard, Crain’s reported. The developer bought the site for $20 million earlier this year. Chicago firm Hartshorne Plunkard will design the building.

Developers say they could break ground in late 2021.

The projects are a good sign for a Chicago residential market that has struggled during the pandemic, but in recent months experienced a rise in home sales and prices

Nationally, the multifamily market has fared far better than hotels, retail and offices.

Crescent Heights is known locally for its 800-unit Nema Chicago tower, at the south end of Grant Park.

[Crain’s] — Orion Jones


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