A New York-based developer wants to replace a low-rise former Bank of America branch with a 37-story residential tower on Chicago’s North Side that would expand the skyline in the Clybourn Corridor shopping district.
The Georgetown Company seeks a zoning change to replace the former bank building with a residential tower of up to 396 apartments at 1565 N. Clybourn Ave., according to an email sent by 2nd Ward Alderman Brian Hopkins to constituents.
Hopkins will host a virtual meeting Monday to solicit feedback on the proposal for the site across from the NewCity shopping center, a standalone Apple store and the CTA Red Line train station at North and Clybourn avenues.
If Georgetown gains city approval for the project and builds it, the project will raise the skyline in the shopping corridor that runs along wealthy neighborhoods Lincoln Park and Old Town that include many low-rise single-family homes and smaller apartment buildings.
Nearby residential high-rises include two SoNo towers, the Residences at New City and the nearly completed Big Deahl tower at 1475 N. Kingsbury St. All those buildings are below 30 stories.
Georgetown will have to gain support from neighbors and, eventually, the alderman and full City Council to build the tower. It also will have to secure financing after interest-rate increases contributed to a slowdown in real estate sales and developments throughout the country in late 2022 and throughout this year.
It’s not clear how soon Georgetown wants to start the project, if approved, or how much it would cost. The company did not respond to requests for comment from CoStar News.
The proposed development site is part of a shopping center that Georgetown bought for $64 million in 2015. An adjacent two-story retail building and four-story, 158-space parking structure will remain under the development proposal, according to Hopkins.
The largest tenant in the retail structure at 755 W. North Ave. was Mitchell Gold + Bob Williams, which abruptly ceased operations in August. Other tenants include Design Within Reach, Carter’s and Joybird.