It doesn’t look too much like the electric blue and periwinkle rendering yet, but construction is indeed underway on the Ritz-Carlton Residences at the intersection of Michigan Avenue and Erie Street in the Gold Coast.
As some Yo readers might recall, the building in the foreground that’s covered in scaffolding is the Farwell Building, an 11-story building at 664 N Michigan Ave that dates back to the 1920s and that topped Preservation Chicago‘s most threatened historic buildings list in 2007.
Prism Development Group‘s plans to demolish the building were rejected by the Commission on Chicago Landmarks, and now, the building is being dismantled and restored. The Farwell Building will eventually house retail, office space and condos.
Directly to the north of the Farwell Building, two other parcels are being demolished to make way for the 40-story tower, according to Margo Dahmani of Prism Development. Dahmani says demolition will continue through the end of the year, and then work on a two-level basement will begin in January.
Dahmani doesn’t expect vertical construction to begin until the spring of 2009, and she says that construction will wrap up by late 2010 or early 2011. First deliveries are slated for early 2010.
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