(Please see our earlier blog post for an overview of Shapack Partners’ first presentation on this development at the NoWL Development Committee’s August meeting.)
On Monday, November 14, 2016, Jeff Shapack and his team returned to the Development Committee to present updates to the proposed property:
- The developers have added a second parcel located across a public alley to the south of the original parcel. Known as “Parcel B”, this land adds 50 ft x 120 ft of area to the project.
- As part of the proposal, the developer would purchase the alley and air rights above. The alley (which would remain publicly accessible) would provide access to the site.
- With 845+ hotel units now under construction or soon to be built (e.g., Ace Hotel, Hoxton Hotel, a forthcoming Hyatt hotel), the developer has decided to abandon the extended stay hotel concept and make the building entirely office use above the ground-floor retail.
- The developer is planning for a height of 210 ft, but may increase the height based on tenant requests. The developer’s proposal is for 240 ft height to avoid needing to repeat the approval process.
- The developer estimates that the project will require a $2.5M payment to the Neighborhood Opportunity Bonus, of which 10% would be spent with a half mile of the project site.
Shapack partners conducted the public meeting for this project on the same night as their presentation to the committee. NoWL will collect input from the committee and larger community and provide a position letter to Ald. Walter Burnett (27th Ward).
Date: Saturday, December 3
By: NoWL Development Committee Chair Matt Letourneau with contributions from Moshe Tamssot, Development Committee member