A foundation permit has been issued for 741 N. Wells. Fronting N. Wells St, the project site reaches to W. Chicago Ave with a historic masonry structure at 755 N. Wells that will be retained. Developed by Vista Property Group, a one-story retail structure and a three-story masonry structure will be demolished for the development.
With a design from Antunovich Associates, the new mixed-use tower will stand 21 floors, holding 169 residential units and 9,400 square feet of retail space. Rising 255 feet, the apartment mix will consist of a mix of studios, one-beds, and two-beds. 51 car parking spaces will be included on the second and third floors, with bike parking provided for 150 bikes.
Designed with a contemporary loft vernacular, the building will use floor-to-ceiling glass with a small amount of metal paneling. The front facade will have a subtle serrated edge setting back from the street to allow for wider southern views. To offer relief on the ground floor for outdoor dining, the retail space will setback in line with the building’s setback.
Tenant amenities will include an interior dog run and dog spa, a fitness center, outdoor fitness space, a club room, coworking space, and an outdoor deck with a pool. The existing building at 755 N. Wells will be retained and used for retail and office space. To meet affordability requirements, the project will include five units on site at 60% AMI and a payment of $2.4 million in lieu of the remaining 13 units.
The project recently secured a $60 million construction loan according to The Real Deal and work will be starting soon. With Skender in charge of construction, the project is slated for completion in 2024.