Mixed-Use Development Selected for Loop Site Overlooking Pritzker Park

Mixed-Use Development Selected for Loop Site Overlooking Pritzker Park

A 25-story mixed-use building was selected as the winning proposal to redevelop City property at 331-35 S. Plymouth Court in the Loop, the Chicago Department of Planning and Development (DPD) announced today.

Led by DL3 Realty, the $162.2 million ACōDA project includes 300 mixed-income residences, ground-floor retail and restaurant space, co-working space and live/work lofts. Twenty percent of the units would be affordable.

Located near CTA Brown, Orange, Pink, Purple and Red Line stations, the transit-oriented project includes 60 indoor parking spaces. Plans also call for at least $1.5 million in developer-funded improvements to Pritzker Park at State and Van Buren streets, including a new performance space, improved lighting and public art.

"As we continue to confront the housing shortage head-on, I'm thrilled the City is supporting this 300-unit project that includes 60 much-needed affordable homes for the Loop," Mayor Brandon Johnson said. "The investment will empower people from all walks of life to live in the beating heart of our city, extending job opportunities as well as access to public transit and Chicago's numerous cultural and community amenities."

The .35-acre site is currently occupied by a City parking structure, an alley and vacant land. A portion of the alley would be vacated as part of the project. The proposed purchase price is the site's market value of $3.8 million.

"In addition to bringing 300 mixed-income units to a key transit node downtown, the project aligns with Central Area Plan strategies to revitalize the southern part of the State Street shopping corridor with new public-private investments," DPD Commissioner Ciere Boatright said.

"This exciting proposal will reactivate one of the Loop's most underutilized sites with mixed-use amenities that reflect long-established neighborhood development goals," Ald. Lamont Robinson (4th) said.

The project was selected from three responses to a 2025 DPD Request for Proposals. Responses were evaluated based on the proposed concept, as well as the development team's financial capacity, relevant experience and ability to complete projects of a similar scale, among other factors.

Potential City assistance could include up to $5 million in grant funding to support eligible development costs.

The minority-led project team includes construction firms Power Construction and UJAMAA Construction, architecture firm Perkins & Will, landscape architect Site Design Group, and engineering firms Spaceco, dbHMS and SR+A.