Beacon Tower

Beacon Tower

A planned tower near Grand Central Market is still in the works, and is one step closer to breaking ground. The Department of City Planning published new environmental documents on Chicago-based developer Equity Residential’s proposed 31-story tower at 340 S. Hill St. The tower will have 428 total units, 320 of which would be market rate. The rest would be split up between levels of affordable housing, including 22 set aside as very low-income housing.

New renderings from TCA Architects show a glass and steel building with a landscaped podium extending south to the corner of Fourth and Hill streets. The development would replace a parking lot and a restaurant on the site, and the finished building would house 375 parking spaces over seven levels of parking (four underground).

The project was originally announced in 2015, but has been dormant for the last two years. A budget was not announced but construction is estimated to take 29 months.