GOLD COAST — In a departure from her usual practice of preserving historic structures, developer and philanthropist Col. Jennifer Pritzker will be building eight new, luxury row homes in the Gold Coast.
Pritzker's Tawani Enterprises plans to build the "low-density" rental homes on the vacant corner lot on Chestnut and Clark streets, according to a company statement.
The homes will be modeled after recently restored 19th Century rowhouses she restored at 116, 118 and 120 W. Chestnut St., according to the statement.
"Rather than build a high-rise development, we think it will be more appropriate to build row homes that reflect the traditions of historic Gold Coast residential architecture," said Sean McGowan, chief operating officer of Tawani Enterprises, Inc.
"We look forward to delivering beautiful new residences that will enhance the elegant and historic charm of the surrounding community," he said.
Crain's Chicago Business said the row houses will be about 3,000 square feet each and that the company would like to begin construction this spring. Such a rental property is likely to fetch top dollar, perhaps $4 per square foot, Crain's reported.
In June, Pritzker, who is worth about $1.8 billion, reportedly bought two vintage homes in the Gold Coast, one on State Street and another on Chestnut Street.
Pritzker, a member of the Hyatt Hotels family, is known for preserving homes, including the Frank Lloyd Wright-designed Emil Bach House in Rogers Park and the Monroe Building in the Loop.
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