1130 N. State Street

ELEGANT DESIGN + UPSCALE LIVING

Project Overiew

1130 N. State Street is a mixed-use development with modern, upscale residences and approachable dining and shopping options. The project is designed to complement the architecture and feel of the Gold Coast neighborhood.

At the ground level, smaller, welcoming neighborhood retail experiences will capture the neighborhood feel of the Gold Coast. A neighborhood favorite, Lou Malnati's, will remain in place.

RESPONDING TO NEIGHBORS' CONCERNS

Your feedback was important to us. We listened and learned, and made meaningful changes to our project:

Reduced density
Eliminated 2nd floor retail
Eliminated 84 apartments
Lowered height from 465' to 345'
Included plan for Lou Malnati's
Added sidewalk café area
Added drop-off lane on Elm
Added larger trees and landscape planting on Elm
Widened State Street sidewalk
Widened State and Elm intersection sidewalk

HIGHLIGHTS

Residences: 304 upscale rental apartments ideal for young professionals and couples looking to put down roots in the Gold Coast.

Structure: At 345 feet tall, 1130 N. State will be of similar height to nearby buildings.

Parking: The building will include 105 fully enclosed garage parking spaces for residents and off-street drop-off and pick-up at the residential entrance for ride-share and taxi use.

Sustainability: The building will exceed the Sustainable Development Policy of the City of Chicago for green building requirements, including green roof elements and other energy-saving features.

Building Highlights

Benefits

BENEFITS

Public Revenue: 1130 N. State is forecast to generate more than $2.0M in annual property tax revenue. Newcastle will pay the City $8.1M to support affordable housing, the Neighborhood Opportunity Fund and open space in Chicago.

Inclusive Hiring: The project will generate 400+ jobs during construction as well as 11 permanent, on-site jobs. Newcastle is committed to hiring local minority- and women-owned construction-related businesses through our contracting practices.

Community Involvement: Newcastle has invested in and around the community for more than 23 years. We are actively involved in the neighborhoods in which we invest, live, and work, and we work to create opportunities for residents to contribute to their communities.

Neighborhood Feel: An upscale residential building with small format retail will maintain the eclectic character of the Gold Coast. Widening the State Street sidewalk, adding trees along Elm, and accommodating a future sidewalk café will improve the streetscape will improve the pedestrian experience.

DEVELOPMENT

Zoning: The project is being developed under existing zoning.

No Public Funding: Newcastle will receive no TIF funding or tax breaks for this property.

Development Facts

NEWS & UPDATES

Please check in for up-to-date news and development updates.

News
Chicago Plan Commission approves 29-story mixed-use development. More at The Real Deal

Plan Commission Approves Mixed-Use Development At 1130 N State Street In Gold Coast. More at Chicago YIMBY

Renderings revealed for revised mixed-use development at 1130 N State Street in Gold Coast. More at Chicago YIMBY

Proposed Gold Coast rental tower returns with changes. More at Urbanize Chicago

Scaled-down, 29-story apartment tower proposed for Barnes & Noble site on Near North Side. More at Chicago Tribune

Developer shrinks Gold Coast high-rise proposal. More at Crain's Chicago Business

Updates

News

ABOUT NEWCASTLE

Newcastle Limited is a real estate investment firm that acquires, develops and owns urban retail, multifamily and mixed-use properties in Chicago's most vibrant and popular neighborhoods. Our expertise ranges from the transformation of small, reimagined properties to the development of ground-up, state-of-the-art high-rises.

We are a long-term owner with a proven track record in creating vibrant communities.
We give careful thought to the design of each property and how it fits within a neighborhood.
We own and manage 3,000+ residential units and 600,000 square feet of retail throughout Chicago.

ABOUT RESIDE LIVING

Reside Living is Newcastle Limited's wholly-owned leasing and management affiliate. Reside will maintain a 24/7 presence at 1130 N. State Street. Our team will provide an exceptional living experience and welcoming home for our residents, as we do at all our apartment communities.

FAQ

Why aren't you building condominiums?

It is a great question and one we hear often. Since 2008, many people who could buy a home have chosen the convenience of renting instead. Sometimes called “renters by choice,” these individuals make up a large portion of the Gold Coast apartment market. Newcastle meets the needs of these individuals, providing them with high-quality rental homes. Unlike most developers, we do not build and sell our properties. We are long-term owners and active in the communities where we invest. We acquired our first asset more than 20 years ago and now own and operate a portfolio of 93 properties.
Who are your renters?

Our residential properties attract young professionals and couples who have chosen long-term renting as a lifestyle, as well as empty nesters and those who are downsizing. They think of their apartments as their homes. A place they can enjoy without the hassle, expenses, and surprises of owning. Our residents like living close to work and enjoy a community that includes amenities such as a rooftop garden, fitness center, swimming pool, and on-site dog walk. We developed, own, and manage a similar, nearby property, State & Chestnut. There, our residents range in age from their mid-20s to their 80s – our oldest resident is 86. Rent for these apartments will range from $2,500 to $5,000 per month. Many of our residents become active members of the communities where they live. We work hard to help our residents connect with organizations and activities in the neighborhoods where we invest.
How tall is the proposed building? How will it impact my views?

We heard concerns from some neighbors, especially owners in Newbury Plaza, about the height of our building. To address stakeholder concerns, we have lowered the building by 30%. Now at 345 feet tall,1130 N. State will be of similar height to nearby buildings.
How many apartments and what types will be built?

Based on your input, the revised plan contains 84 (23%) fewer apartments for a total of 304. Apartments at 1130 N. State will be larger one- and two-bedroom residences that appeal to young professionals and couples putting down roots in the Gold Coast.
Will this project require a zoning change?

No. This project is being developed under existing zoning.
What is the timeframe for the development?

We understand many of you have concerns about how construction may impact you. Our construction schedule is subject to City of Chicago input and approval. Construction of the new building will take about 24 months and occur in two phases. The first phase will be the disruptive bit and take about 10 months. After that, the building will be enclosed, and work will take place inside. We are requesting City approval for a canopied walkway along State and Elm Streets that can keep that sidewalk open throughout construction.
Is the developer getting any Public funding or tax breaks to build this development?

No. The project is receiving no TIF funds, tax breaks, or other public financial support.
Why are you building retail stores when many in our community have been vacant for years?

We understand concerns about vacant retail stores in the community. We own retail properties in the neighborhood, and we have concerns, too. But current vacancies are mostly in properties owned by part-time, inexperienced, or poorly capitalized owners. We believe that approachable neighborhood retail options bring life to the pedestrian experience and convenience to community residents. We are full-time real estate specialists investing alongside institutional capital. We carefully choose retail tenants we think will fit and succeed in the neighborhoods where we invest. We heard from many of you that you want more affordable, approachable retail and dining options, and we will strive to meet those needs.
What happened to Barnes & Noble?

Barnes & Noble was a neighborhood favorite of ours, too. We offered to renew their lease, but the company declined to stay. We offered them space in our proposed development, but they turned it down. Barnes & Noble is owned by a British hedge fund. They have closed more than 150 stores over the last ten years – and like all brick and mortar booksellers – they have struggled financially. Borders closed all its stores and liquidated.
How will you help ensure that our neighborhood does not lose its character?

We want to help maintain the character of your Gold Coast neighborhood. We believe replacing a vacant big-box store with a thoughtfully designed residential building and small-format, ground-floor retail will improve this portion of State Street. Widening sidewalks, adding trees and landscaping, accommodating a future outdoor café, and establishing a 24/7 management presence will improve the pedestrian experience.
How will Newcastle help to make our neighborhood better?

We live, work and volunteer in the neighborhoods where we invest. We partner with local merchants and encourage our residents to support them through our Reside Rewards program. Our residents enjoy their connection to the community and seek out ways to participate in neighborhood activities and organizations.
Won't this building make our neighborhood even more crowded?

We heard your concerns about area congestion. Studies conducted according to City requirements indicate that adding 304 apartments to the existing half-mile radius population of more than 38,000 people will not impact the performance of nearby intersections and streets - especially as most residents will choose to walk or take public transportation. We will feature retail that serves neighborhood residents, reducing impacts from destination shoppers who would drive.
What about traffic?

We heard you and understand how important it is to minimize the project impacts on traffic. Based on your feedback, we made the project smaller with fewer apartments and half the retail. We added a ride-share and taxi drop-off on Elm Street. Deliveries, loading, trash, and recycling will all be accessed from the alley (instead of Elm Street) and will be completely enclosed within the building. Our 105-space resident parking garage will provide sufficient parking spaces for our residents.
What streets will be closed during construction?

We know street closures are a hassle. We will work closely with Chicago’s Department of Transportation to develop staging and logistics plans that minimize traffic disruption and get out of your way quickly.
Are you developing a green building?

We were pleased to hear so many questions about sustainability. The City of Chicago has recently expanded the requirements in its Sustainable Development Policy, pushing some standards beyond typical LEED certification. Our project will exceed these aggressive green building requirements and will include green roofs and other energy-saving features. As a long-term owner, we invest in building wellness, long-term operating efficiency, and sustainable building features that short-term investors may not include. Our residents expect this level of commitment, and we believe it is the right thing to do.
What efforts will you make to promote diversity, equity, and inclusion on this project?

We support minority- and women-owned businesses and area residents through our contracting practices. We will target the following goals for 1130 N. State: 26% certified MBEs 5% certified WBEs 50% Chicago Resident workforce
What city and community economic benefits come from this development?

1130 N. State benefits for the Gold Coast community and the City of Chicago include: Generating more than $2 million in added annual property tax revenue Creating more than 400 construction jobs during construction and 11 permanent, on-site jobs Providing 8 on-site affordable apartments Paying $8.1 million into Chicago Affordable Housing Fund, Neighborhood Opportunity Fund, and Open Space Impact Fee program.