Development Updates in Chicago:
New industrial and mixed-use real estate developments are cropping up across Chicago this summer. The projects will bring new office, retail, and housing stock, and a new UChicago medical center, to the city. Here are the latest major development updates planned for the summer.
UChicago Cancer Center Plans Approved
Plans for the construction of Chicago’s first free-standing cancer center were recently approved by the Illinois Health Facilities and Services Review Board. The 8-story UChicago Cancer Center will cost $815 million and bring cutting-edge therapies to the city’s residents. The University has tapped CannonDesign to design the structure and will break ground later this year. The project has an expected completion date in late 2026.
Onni Group’s 29-Story Mixed-Use Development
Real estate developer Onni Group recently gained approval from the Chicago City Council for their 29-story mixed-use tower at 357 N. Green. The tower, designed by architect Solomon Cordwell Buenz, will act as a gateway to Fulton Market and add over 650,000 sq. ft. of commercial office space. Onni Group is waiting to begin construction until they secure an anchor tenant. Construction will begin once one of several potential tenants is chosen, and an agreement is made.
Loukas Development Receives Approval for Mixed-Use Tower
Loukas Development recently received approval for the construction of a 46-story mixed-use tower at 1300 W. Lake. The tower will add 593 apartments and 10,000 sq. ft. of retail space to the area. The project is set to cost $225 million, and a construction timeline has yet to be confirmed.