HYDE PARK — A plan for a luxury condo building designed by Jeanne Gang with views of the Museum of Science and Industry is officially dead, but the developers now have a new plan for a hotel and apartments.
The Silliman Group, the development arm of MAC Properties, on Tuesday detailed plans to repurpose Gang’s design for a 26-story high-rise with 200 apartments and up to 160 hotel rooms at 56th Street and Cornell Avenue.
“We really thought that it was a design of lasting quality and we really wanted to develop the building,” said Peter Cassel, director of community development for Silliman.
Cassel said the ground floor of the building would include a new restaurant on the Cornell Avenue side, and Silliman is exploring whether neighbors would support a liquor license for the hotel or restaurant. While he declined to give a pricetag for the project, he said it was similar to the City Hyde Park project that cost $120 million.
He said the project is still more than a year away from breaking ground.
“If the world cooperated in every way, we’re three years away from opening,” Cassel said.
He said the project will not pursue any tax incentives, and many of the zoning changes are complete.
Solstice on the Park was originally proposed in 2007 as the first new construction project for the company that owns more than 75 apartment buildings in Hyde Park.
Silliman was able to secure city approvals and hammer out deals with the neighboring Bret Harte Elementary School, Windermere House apartments and community groups shortly before the real estate market crashed in 2008 and the market dried up for $600,000 two-bedroom condos in Hyde Park.
Cassel said the project hopes to keep many of the promises it made eight years ago and provide on-site parking or a valet service to Windermere residents who use the 160-space parking garage on the site. They also plan to convert 53 apartments at the neighboring 5528 S. Cornell Ave. building into affordable units.
“From the perspective of the neighborhood, it makes a lot more sense to maintain the deal that came together,” Cassel said.
He said the developers are currently in discussion with the city and neighbors about whether the original deal would still work after changes to the city’s affordable housing requirements in 2007.
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