CHICAGO SUN TIMES
May 15, 2025
Abby Miller



An $89 million apartment tower at more than 20 stories will soon rise northeast of Goose Island, after the Chicago Plan Commission approved the project Thursday.

If given a final approval by City Council, the tower would be the latest in a string of developments that continue to attract more people to the former industrial area around Goose Island.

Chicago-based development firms ZSD Corp. and Structured Development are leading the project at 1333 N. Kingsbury St. The address is already home to a four-story building that Structured Development converted from a manufacturing site into sleek, loft offices. The office building will remain under the developers’ proposal, in addition to the surface parking lot at the southern end of the site.

The center of the wedge-shaped parcel is where ZSD and Structured Development want to put the new 23-story tower, which would include structured parking and office space.

Floors two through six would be for parking and include 238 spaces, according to development plans. Floors seven to 22 would be a mix of studios, one- and two-bedroom apartments. The top floor would be for resident amenities, including a roof deck and pool.

Of the 272 units, 55 will be affordable with rents at a weighted average of 60% of the area median income. Eighteen of the affordable units will be at or below 50% AMI, according to lawyers for the development team.

The Near North Side, where the project is located, is the most densely populated community area and has the second-most skyscrapers after the Loop, according to the developers’ presentation to the Plan Commission. The neighborhood’s median income is more than $100,000, and affordable housing options are scarce. A citywide affordable rental housing analysis in 2019 found that only 12% of rental units in Near North Side were affordable.

“I think this is a great project,” Ald. Walter Burnett (27th) said, during the commission meeting. “This is another addition to the affordable housing that’s being built around the city.”

The Clybourn Corridor, northwest of the project site, is a popular retail strip that includes stores like Crate & Barrel, Sephora and World Market.

While commissioners were supportive of the plan, developers said there’s several factors determining its success.

Michael Drew, founding principal of Structured Development, said the timeline for the project is “the $100 million question in this current financial environment.”

The developers’ presentation notes a construction start in the second or third quarter of 2026. If the project’s approved, Drew said the firms would have to raise financing and equity, in addition to bringing on another partner.

There’s a reluctance in institutional markets to fund projects right now, Drew said, in part because higher construction costs are lowering the rate of return on new development.

“The current economic climate is very difficult for development,” Drew said. “I can’t say that there’s a certain date … it’s all contingent on current markets.”

Commissioner Guacolda Reyes said she understands the difficulties developers are facing right now, and that she hopes interest rates improve so the project can get built.

“It’s very important,” Reyes said of the building. “I have to say it again, over and over, how much we appreciate the fact that you are providing all the affordable units in the building. That is truly outstanding … it will be beautiful for those families.”