Caisson and tower crane permits have been issued for 160 N. Morgan, a mixed-use tower planned by Sterling Bay and joint venture partner Ascentris. Located between the CTA Morgan L station and W. Randolph St., the development recently secured financing from CIBC Bank USA.
Designed by bKL Architecture, the tower will stand 29-stories and 350 feet tall. The project is expected to produce 282 apartments consisting of studios, convertibles, one-beds, two-beds, and three-bedroom apartments. The building will offer 2,600 square feet of retail space fronting N Morgan Street, while offering residents 89 car parking spaces and 153 bike parking spaces.
To meet the ARO requirement of 20% affordable units, Sterling Bay will provide 28 units (10%) on-site with a unit mix of 9 convertibles, 6 studios, 8 one-beds, 4 two-beds, and 1 three-bedroom unit. A fee paid in lieu of the remaining units will total $5.26 million and will be directed to the SL Solar Lofts at 2548 S Federal Street in the South Loop. That building will be sustainable and energy efficient and provide 28 affordable units and 16 market-rate.
Walsh Group will oversee construction alongside joint venture partner and certified minority-owned business, BOWA Construction, ensuring compliance with the city’s mandates for equitable contractor engagement. With financing secured and permits in hand, construction can proceed after Sterling Bay broke ground last week. Work is expected to wrap up by Q4 2023.