PROPOSAL: 40 W. OAK
Current Status: UNDER REVIEW
February 2020: Community Meeting Update
The continuation of the community meeting was held at the Newberry Library (60 W. Walton St.) on Saturday, February 1, 2020 beginning at 10:00 AM. There was no support granted for the proposal at that meeting, and the proposal remains under review at this time.
Description of the Proposal
Nahla Capital, out of New York City, has proposed to construct a luxury condo building at 40 West Oak, which is the current location of the Warren Barr parking garage.
The tower, which would be located on the northwest corner of Oak and Dearborn, would replace the current parking garage on-site. Residential and garage access for the proposal enters from Dearborn, exiting on to Oak.
Alderman Hopkins and the River North Residents Association (RNRA) hosted a community meeting on October 1, 2019, at Moody Bible Institute. The original proposal featured a 502 foot, 34-story condominium building with up to 90 luxury condominium units and 160 parking units, 50 of which would be designated for use by Warren Barr Gold Coast.
Original Rendering of 40 W. Oak, measuring 503 feet in height. To the right is 30 W. Oak.
On January 13, 2020, Nahla Capital presented a revised proposal, which cut the size of the building to 467 feet, and cut the number of stories to 31. A net reduction of units was also discussed, down to 75, while increasing the total square footage of each existing unit. Parking counts remain unchanged, with ingress to the garage off Dearborn Ave., and egress onto Oak St. only. There will be no public parking available in the parking garage.
October 2019: Proposed development presented to the community at Moody Bible.
January 2020: Revised proposal presented at Gibsons, and reduced the overall height, floor count, and units in the building.
February 2020: Community meeting convened at the Newberry Library. No approval for the project was granted and no timeline is set for next-steps at this time.