Business & Tech
Construction ‘Moving Very Swiftly’ at New Million-Dollar Tower
The new mixed-use building at the Polish Triangle is expected to soon be as iconic as the Coyote Building.
Development crews are moving full steam ahead at a new multi-million dollar project at the Polish Triangle, expected for completion in early 2014.
The 11-story building at 1601 W. Division St. will be a mixed-use building, housing 99 apartment units and multiple retailers on the first floor. When completed, the building’s quirky exterior is expected to be a recognizable feature in the community.
“The construction is in full swing and moving very swiftly,” said Ald. Proco “Joe” Moreno’s (1st) Chief of Staff Raymond Valadez. “They are already up to the eighth floor.”
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The venture, led by co-CEO at Intelligentsia Coffee & Tea Inc. Robert Buono, recently secured more than $20 million in funding in January to finance the building, according to Crain’s Chicago Business. Along with a new PNC Bank, an Intelligentsia Coffee is a prospective tenant for the building.
And although the development will house almost 100 apartments, parking is staying at a minimum, Chicago Pipeline reports. Just 15 spaces will be made available for the entire building, and they’ll be designated more for the retail spaces than tenants.
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The rental spaces will also range from 550-square-feet to 1,200-square feet, and priced anywhere between $995 and $2,600, Chicago Pipeline adds. It’s all springing up where a foreclosed Pizza Hut once stood.
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