PRINTERS ROW — The developer who wanted to build a 15-story Printers Row tower with a hotel and "micro" apartments is now aiming for something half that size.
LG Development Group, which first proposed a 130-unit tower at Polk and Dearborn streets last year, now plans a seven-story, 63-unit building there, partner Brian Goldberg said.
The developer made the switch "a few months ago" after failing to find a "suitable" hotel to operate 40 rooms in the original proposal, Goldberg said. Other facets of the property's zoning otherwise restricted a development that doesn't include a hotel to seven floors and 63 apartments, he said.
As in the original plan, all of the units would be small, so-called "micro" apartments averaging 336 square feet, picking up on a national trend in cities battling high rent. Goldberg told neighbors last year the apartments at 742 S. Dearborn St. would be upscale, with rent running between $1,100 and $1,300 per month.
RELATED: $1,300 for 336 Square Feet? Micro Apartments May Be Headed to Printers Row
And, perhaps more notably, the new tower now wouldn't totally obscure the south facade of the adjacent Franklin Building, a century-old loft tower sitting in the city's landmarked Printing House Row District:
The development site, a long-vacant property that serves as a de facto dog park and seasonal Christmas tree farm, also sits in the landmarked district.
Goldberg said the new project has yet to be submitted for city review, but he hopes the tower will open in 2018. Curbed Chicago first reported the downsized development Tuesday.
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