Zoning filed to sunset approved development at 225 W. Chicago

A zoning application has been filed by developer Centrum Realty & Development to sunset the approved Planned Development located at 225 W. Chicago. Also known by the address of 777 N. Franklin, the project site is located at the southeast corner of the intersection of W. Chicago Ave and N. Franklin St, directly adjacent to the Chicago/Franklin CTA Brown Line station.

Designed by local architect Hirsch MPG, the nine-story office building planned for the site was approved by City Council in April 2020. The 123,000-square-foot building would have included 5,200 square feet of retail space on the ground floor with the remaining floors providing leasable office space. Office tenants would have had access to amenities on the top floor that would’ve included a fitness center, conference center, and lounge.

Now listed for sale by CBRE, the marketing brochure touts the site’s approved Planned Development which locks the property into the office scheme, but also offers the rezoning as a way to open up the property to other options. If rezoned back to DX-5 like the rezoning seeks to, a new developer could build as many as 121 residential units with a 3.1 FAR bonus or also pursue other uses like hotel or mixed-use.

For the zoning change to move forward, approvals will be needed from the Committee on Zoning and full City Council. The property is listed with an asking price of $5.75 million.