http://www.suntimes.com/business/254144,CST-FIN-apt13.article
OK for apartments sought at Lake, Wells garage site
February 13, 2007
BY DAVID ROEDER AND FRAN SPIELMAN Staff Reporters
One of downtown's longtime parking garages would be demolished and replaced with a 43-story apartment tower under a zoning plan filed at City Hall.
The proposal calls for a building with 335 units at 200 W. Lake, the northwest corner of Lake and Wells. On the site is a three-level parking garage and a small surface lot.
Zoning documents say the building also would get parking for about 550 cars, an unusually large allotment. City officials have urged developers to be generous in providing indoor spaces, especially when their buildings replace garages and lots that drivers have relied on for years.
Submitting the proposal was Hinsdale-based Midwest Property Group Ltd. Its president, Jaime Javors, said studies show demand for rental homes downtown is growing.
Javors also said the building's parking garage will connect to Post Place, a small street that provides access to Lower Wacker Drive and Lake Street. He said the city likes that the building's traffic can come and go on Lower Wacker without clogging the rest of the Loop.
The zoning application starts a review process that could take several months and culminated in a vote by the City Council.
Ron DeVries, vice president at Appraisal Research Counselors Ltd., said the downtown market has lost 6,310 apartments to condominium conversions since 2000, or about 25 percent of its base. DeVries, a consultant on the 200 W. Lake deal, said he expects it will be priced for young renters looking for proximity to downtown jobs.
The project is close to the 188 W. Randolph building, a vintage office tower being converted to apartments, and a site at 215 W. Washington that's scheduled to get a 49-story apartment building, with parking taking up the first 12 levels.
Across the street from 200 W. Lake is Century Tower, downtown's most prominent condo conversion of the last two years. American Invsco Corp. converted the units after first renovating the 1930 building and changing it from offices to apartments.
Midwest has hired the Chicago architectural firm
Solomon Cordwell Buenz to design 200 W. Lake.