The Friendly Confines might soon be getting new neighbors.
Development plans for an eight-story hotel, retail stores and apartments across the street from Wrigley Field unanimously passed the Chicago City Council June 30.
The $100-million Addison Park on Clark development will overlook Wrigley from the south side of Addison Street and stretch south on Clark Street about one block.
“We’re extremely happy,” says Anthony (Tony) Rossi Sr., managing partner for Chicago-based M&R Development. “It took a long time to get it done. There was a lot of community involvement. We held in excess of 30 community meetings, and got the support of the majority of the community.”
The developer said his next steps include lining up financing with a number of lenders and equity partners, assembling cost data and working with Chicago-based Solomon Cordwell Buenz on final design drawings.
“It will take us the rest of this year to get drawings, construction prices and financing,” Rossi says. “We’re hopeful to break ground in early spring. We’re pleased with the reaction from the financial community, and the publicity on this project has helped in that regard.”
Gary Klompmaker, associate principal at Solomon Cordwell Buenz, helped develop the site’s conceptual design.
“It’s an exciting project in a great location,” Klompmaker says. “It’s great to get the entitlements. The client now just has to get his ducks in a row to pursue the project.”
To make way for the complex, a number of independent businesses, including bars and restaurants will be razed. The current plan calls for 135 apartment units, 137 hotel rooms, 145,200 sq ft of retail space and 399 underground parking spaces.
The average height of the entire structure is 58 ft, with 61% of the structure is less than 71.5 ft. The tallest portion of the apartment is 81 ft. The tallest portion of the hotel is 91 ft.