Urban renewal continues in Chicago: the tower will take the place of an old, one story retail structure, which previously housed a hardware store.
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Jeffrey Shapack’s Shapack Partners unveiled its proposal for a new residential rental apartment tower in Chicago’s West Loop to a group of area residents on Tuesday. The details of the project were first reported in Curbed Chicago.
A 28 story glass and steel tower, with 227 residential units, is planned for the corner of North Halsted Street and West Couch Place. It will also have parking for 162 vehicles and about 60 bicycles. The LEED Silver building will alsohave roughly 9, 700 square feet of commercial space in its ground level. Rents will be as much as $3 per square foot per month.
It has a curved shape, designed by Booth Hansen architects. The tower will take the place of an old, one story retail structure, which previously housed a hardware store.
Shapack Partners is building the tower in partnership with Focus Development.
The response of the local residents to the presentation was, reportedly, favorable. Now the developers need to get the approval of the Chicago Plan Commission. If that body approves, construction could begin as early as the spring of 2015.
Founded in 2009 by Jeffrey Shapack, Shapack Partners is a Chicago-based real estate development company that acquires, develops and repositions commercial properties throughout Chicago neighborhoods, including the Gold Coast, Bucktown, Lincoln Park and Fulton Market (the West Loop). The firm’s focus is commercial and mixed used development, with a specialty in luxury retail, restaurants and office.
Their portfolio of recent developments in Chicago includes a new construction of the 96, 000 square foot, Barneys New York flagship store on Oak Street, and Bucktown, Club Monaco, M•A•C Pro Cosmetics, Arhaus Furniture and the Apple Store flagship in Lincoln Park, and Trader Joe’s in Lakeview and the South Loop.
Jeffrey Shapack began his career in the mid 90’s, in New York City, working for Ralph Lauren Corporation, learning the luxury retail real estate business. In 2000, he moved to Chicago and spent 9 years as a partner and president of M Development, developing luxury retail real estate in the Gold Coast, Lincoln Park and Bucktown neighborhoods.
In 2011, Mr. Shapack closed his consulting practice to exclusively develop for the Shapack Partners portfolio. He has been involved in the development of more than one million square feet of commercial real estate in Chicago over the past 13 years.
Mr. Shapack was raised in Bloomfield Hills, Michigan, and graduated from the University of Wisconsin at Madison.