“Part of this is driven just by the growth in northern Monroe.”
Representing Chicago developer Jay Johnson, attorney Jared Belka told the Monroe North Tax Increment Financing Authority the project between Bond Avenue and the 800 block of Monroe has three components.
“A 6-story hotel. A 20-story tower with 342 apartments. Adjacent to that would be a 9-story parking deck with 500 parking spaces.”
Belka estimates the investment at $185M
“Hotel is around 35-million dollars of investment. Apartments about 150 million. So, a significant investment in the North Monroe area.”
The 20-story apartment building would be a prominent addition to the city skyline, taller than the 18-story McKay Tower. Mayor David Legrand says the project will bring hundreds of new residents downtown.
“This is obviously really exciting. Ticks all the boxes in terms of getting more people living downtown. I couldn’t be happier.”
The developer already owns the mixed-use City Built Brewery building at 820 North Monroe. Belka says they want to start on the new project ASAP.
“The hotel would be ahead of schedule than the apartments. They would like to get going this fall. Yea, they would love to get going this fall”
