370 N. Morgan lands financing, more permits

A series of permits have been issued as the development team announces the landing of $173 million in construction financing for the new mixed-use development located at 370 N. Morgan. Planned by Vista Property Group, the development will be the first phase of their three-tower mixed-use development at the intersection of W. Kinzie St and N. Morgan St. The site is bound by W. Kinzie St to the north, N. Morgan St to the east, the Metra tracks to the south, and N. Carpenter St to the west.

With Antunovich Associates in charge of the design, the project was revised by cutting the height by three floors and going from 410 feet down to 380 feet in height. The residential tower was widened to stretch the entire width of the site, accommodating a similar unit count in a shorter massing. The building’s facade was revised to use a dark metal and glass window wall system with brick wrapping the podium. 

With a total count of 493 units, the apartments will be split into 154 efficiency units and 339 dwelling units according to permit filings. The parking count was reduced from 222 to 190 spaces and 80% of them will be electric-vehicle ready.

On the ground floor, the residential lobby will face N. Morgan St with a metal canopy reaching out into the new landscaped plaza that occupies the corner and overlooks the intersection. Retail space will occupy the rest of the street frontage between the residential entry and the Metra tracks. Management and leasing offices will be located along Kinzie behind the lobby and a bike room with 494 spaces will occupy the rest of the Kinzie St frontage. Loading and parking access will be from N. Carpenter St. 

The former Fox Deluxe building at 370 N. Morgan has already been cleared to make way for the new mixed-use development. General contractor Skender Construction already has the tower crane permit and the new permit issuances will allow for the installation of caissons for the foundation as well as grade beams. Construction is expected to begin imminently and will wrap up in Spring 2027. The $173 million in financing includes a $151 million construction loan from CIBC and $22 million in preferred equity from investment firm PGIM Real Estate.