Iron Clad broke ground on October 23, 2017, and now nearly 18 months later, the project is close to completion. According to a leasing spokesperson, the 166 market-rate apartments and 153-key hotel will be opening in “mid-June” with retail opening up later. As of April 15, the development has no signed leases for retail space.
As we have seen with the East End development across Chicago Ave (what some affectionately call the “fish scale building”), it has been difficult to completely lease out ground-floor retail space. At East End, Sherman Associates is opening a franchise Starbucks in less than a month, a Starbucks location where baristas and shift managers are employees of Sherman.
The Iron Clad first came before the Planning Commission Committee-As-A-Whole in April 2016, then proposing “166 market rate residential apartments, 153 hotel units, 13,918 sf of retail space and 465 structured parking stalls and 30,000 square feet of office space.”
Now in 2019, the project still is slated for 166 apartments, a 153-key “Moxy” hotel, but with retail space increased to 14,918 square feet. Because this project started before the inclusionary zoning ordinance passed, there was no requirement for an affordable component.
Council Member Steve Fletcher, who took office in January 2018, sees greater residential density supporting more retail density and public amenities. “The more apartments come online, and the more people move into the neighborhood, the more critical mass for customers there is.”
What would your ideal mixed-use project include? Are you a fan of glass, metal panels, brick, or something else? What kind of retail or restaurant would you like to see open in your neighborhood?