CHICAGO - An affordable high rise is opening up in the Loop.
Mayor Lori Lightfoot and city leaders announced plans on Tuesday for a 20-story building at Van Buren Street and Plymouth Court, next to Pritzker Park. The site is currently occupied by a vacant parking garage and vacant land.
The building will cost about $102 million and be Chicago's first net-zero building, but it's being designed as a more affordable option for some Chicagoans to rent.
"This project is emblematic of the deeply positive impacts that community-driven neighborhood development can have on our entire city," Lightfoot said. "Not only will 'Assemble Chicago' help to address our city's need for more sustainable and affordable housing units, but it will also help to reinvigorate the surrounding Pritzker Park through infrastructure improvements.
The project’s planned 207 rental units will range from studios to two-bedrooms and be priced for tenants earning 30 to 80 percent of the Chicago-area's median income.
Groundbreaking is scheduled for later this year.