RIVER NORTH — The latest condominium tower proposed for River North would rise just 12 stories, but two too many for some neighbors.
Chicago-based LG Development shared plans Tuesday for the luxury condo tower it wants to build near State and Erie streets.
If built, the tower at 61 W. Erie St. would replace a demolished film lab with 10 full-floor condos topped by a two-floor penthouse.
The project is among the smallest in the bustling River North construction pipeline. But it's still too big for some neighbors who live across the street and stand to lose their views should the high-rise go up.
"Two extra floors makes a lot of difference to me," said one woman who lives on the 12th floor of the 19-story tower at 60 W. Erie.
The neighbors cite precedent. Another developer, MCZ Development Corp., paid about $1.8 million in 2013 for the site, the former home of the Astrolab company that processed film for Chicago-set movies, including "The Blues Brothers," "Risky Business" and "The Dark Knight."
The lab was leveled, and the developers received city approval last year for a 10-story project with condos, reportedly starting at $1.7 million.
But they never broke ground, and instead sold the site to LG Development for $2.8 million in November, records show.
While neighbors pushed Tuesday for the prior 10-story proposal, LG Development officials said it wasn't "financially viable."
Brian Goldberg, a partner with the firm, added he would probably drop his plans if he couldn't build two more floors at the site.
"If we stopped construction based on blocking views, the first building in Chicago would have been the last one," Goldberg said. "You make one move, you impact another."
The meeting was hosted by the River North Residents Association and Ald. Brendan Reilly (42nd), whose ward includes the site. The proposal requires city approval because of its size.
The development site is next to a three-story apartment building, and together the properties are tucked between other two and four-story buildings. Some neighbors at Tuesday's meeting said a new tower would kill the corner's character, but the neighborhood is quickly changing. A 26-story tower is under construction nearby at State and Huron streets.
Designed by Norr Architects Engineers Planners, the glass-and-concrete tower would include 11 indoor parking spaces. Three-bedroom, approximately 2,700-square-foot condos would rise before the two-floor, four-bedroom penthouse. Each condo would have its own terrace, and should the project be approved, Goldberg said he hopes to finish the development by fall 2017.
Goldberg said asking prices would be revealed once the "scope of the project has been determined."
Reilly didn't offer an opinion on the project Tuesday, saying he doesn't "endorse" proposed developments before they're vetted by neighbors, but he "can't protect views" either.
Here are more looks at the proposed tower:
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