GOLD COAST — A new condominium tower is one step closer to being built in the Gold Coast.
The Chicago Plan Commission on Thursday signed off on the 28-story, 50-unit tower that Chicago-based Lexington Homes wants to build at 1010 N. Dearborn St.
Designed by Pappageorge Haymes, the tower would rise on a parking lot used by the Ruth Page Center for the Arts.
RELATED: Developers Propose Gold Coast Condos in Ruth Page Center Parking Lot
The Ruth Page Center previously told DNAinfo Chicago that the parking lot was sold to the developer after falling into financial trouble. If built, the luxury tower would include half- and full-floor penthouses. A Lexington representative said asking prices for the condos will range from $1.5 million to $4 million.
The project bucks the trend of Downtown development, which has been mostly focused on apartments since the recession. Just 754 condo units are proposed or under construction Downtown, compared to the record 9,000 apartments that are slated to be built here by the end of 2017, according to consulting firm Appraisal Research Counselors. Most new proposed condo projects, such as Wanda Vista Tower and 4 E. Elm St., are focused on luxury buyers.
The project still requires city council approval, and construction financing.
An aerial view of the tower (in blue). [Pappageorge Haymes / Tatiana Walk-Morris for DNAinfo Chicago]
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