We have confirmation that plans are indeed in the works for the construction of a large mixed-use development on the site of the former Fannie May factory at 1137 W Jackson St in the West Loop. The West Loop Promenade will include two 21-story towers with close to 400 residential units, 285,000 square feet of retail space and an eight-screen Sundance cinema.
The West Loop Community Organization, which has a reputation for resisting the construction of buildings that exceed 115 feet in height, signed off on the proposal, according to Executive Director Martha Goldstein. A recent Sun-Times article reports that the proposed towers were scaled back from 30 to 21 stories, which is still more than 115 feet, but an exception was made because of its proximity to the Eisenhower Expressway.
Gary Pachucki, the president of IBT Group, says West Loop Promenade’s proximity to the expressway will benefit the development in more ways than one. “It’s a central location because it’s a large area – it’s about 4 acres – and it’s well-located,” Pachucki says. “The retail is going to be located near the 290, so it has high visibility and accessibility to traffic.”
The breakdown between condos and rentals hasn’t yet been determined, and it will depend on the market. Pachucki hopes to break ground in the Fall, but he still needs to get some permits from the city, which he expects to do in the late summer, and he estimates that construction will wrap up in the spring of 2010.
The above rendering is from the West Loop Community Organization’s Web site, and it reflects the most recent plans for the site, while the rendering below is from IBT Group’s Web site, and it shows an earlier design.
