Real Estate

12-Story, $50M Tower Proposed at Belmont and Clark

The development would take over Dunkin' Donuts and Taboo Tabou. New owners purchased the property for $5.5 million.

After purchasing the buildings at the corner of Belmont Avenue and Clark Street, developers say they want to construct a 12-story retail and apartment building where Dunkin’ Donuts and Taboo Tabou stand, Chicago Real Estate Daily reports.

The new tower—proposed by BlitzLake—would cost an estimated $50 million, include two levels of retail space, two floors of parking and apartment units, CRED writes. New construction would force out Taboo Tabou, cigar ship Blue Havana and storefront Architectural Revolution.

A grocer is targeted to be the anchor tenant in the new development.

It’s unclear whether Dunkin’ Donuts would be forced to move, too, but when the Ricketts family proposed a hotel at the McDonald’s lot at Clark and Addison streets, the fast food chain was negotiated to stay on as a tenant. The building, however, would be destroyed to make room for the tower.

Such a drastic change in zoning would need the proper approvals, as well as input from neighborhood groups. Because of its location, three organizations with the Lake View Citizens’ Council—Hawthorne Neighbors, Central Lake View Neighbors and Triangle Neighbors—would weigh in.

Reporter Alison Burdo writes BlizLake, which also purchased the former J. Toguri Mercantile store across the street, paid $5.5 million for the 23,000-square-foot series of property. Several retailers are already in talks with the company to be new tenants.

Considering the history of Lake View neighborhood groups’ views on taller buildings, there will likely be backlash from residents regarding the height. The proposed OUT Chicago Urban Resort was unanimously voted against by Belmont Harbor Neighbors Tuesday. Developers are asking 8-stories for that project.

Read the more about the acquisition here on CRED.


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