Quinlan Building Plan
Community Process Launches Chestnut, Pearson and State Street Development
On February 11, 2013, Loyola University and Newcastle Limited hosted a community meeting to discuss the proposal to build two new buildings at the Water Tower Campus to begin construction this summer.
The development team had been planning for a new building to house the growing and increasingly prestigious Quinlan School of Business on the northeast corner of State and Pearson Streets. The Quinlan gift of $40 million announced in June 2012 combined with the creative idea to sell a parcel of land on Chestnut Street to a private developer, Newcastle Limited, made the proposal possible.
Both buildings are seeking approval as one planned development since the entire site will be developed at the same time. Both Loyola and Newcastle will use the architecture firm of Solomon Cordwell Buenz & associates and Power Construction as the general contractor.
The Quinlan School of Business is proposed to be ten stories tall with a unique social staircase in the lobby that will double as a special event venue. A LEED Gold- certified building, the school will be built of the recognizable Loyola red-brick, limestone, and glass and will utilize natural light, air, and ventilation in compliance with the design standards approved by the Board of Trustees in 2007.
The Newcastle building will be 35 stories tall and will consist of 387 market-rate apartment units available to the general public. Rents will start at approximately $1500, according to Newcastle representatives. The building will include 165 parking spaces and amenity floors for residents on both the 7th and 35th floors.
The greatest positive impact the proposal will have on the neighborhood is the widening of the sidewalk from 7 feet to more than 17 feet and creation of a pedestrian arcade along State Street. State Street will activate with new, high quality retail for an entire block. Neither Loyola nor Newcastle has identified specific retail tenants yet.The approval process has just begun. Next, the project will be presented to the Chicago Plan Commission for review which is followed by the City Council approval.
Demolition is anticipated to begin in late spring with construction beginning in late summer. The entire project is expected to take 24 months to build.
Loyola Neighborhood News will keep publishing updates to keep the community informed.