Chicago developer Fern Hill plans 54 Gold Coast condos

Nick Anderson of Fern Hill and rendered Gold Coast condos (Fern Hill, LinkedIn)

A Chicago-based developer is planning a 34-story condominium building on a Gold Coast site where a previous condo tower deal fell apart.

Developer Fern Hill wants to demolish an existing building and build the condo tower at 12 W Maple St. in Gold Coast. The company plans to present its proposal at a Department of Planning and Development committee on May 11, according to Crain’s.

The site is next to the Maple & Ash steakhouse. The project would include 54 condos and 81 parking spaces. Pricing for individual units or the project was not disclosed. The condos would range from 1,330 square feet to 6,070 square feet, according to Crain’s.

The project would replace an existing four-storey building. Nick Anderson, manager of Fern Hill, could not be reached for comment by Crain’s. Twelve West Maple LLC owns the building and purchased it in 2021, according to Cook County Property Records.

Chicago-based architecture firm Lamar Johnson Collaborative is designing the Fern Hill building.

Gold Coast has long been the epicenter of high-end real estate in the city. A condo sale in the exclusive 9 W Walton Street development is the second most expensive transaction in the Chicago area so far this year.

The 34th-floor unit sold for $17.4 million in March, according to Cook County property records. The deal appeared to be off-market, with no public listings of the property.

The sale is the second most expensive single-family deal of the year in Chicago so far, beaten only by the sale of a $20 million penthouse at Trump Tower Chicago in March.

Newly built condos cost around $1,348 per square foot, according to Crain’s research. If the developer got approval and pursued a similar type of unit, it would cost between $1.8 million and $8.1 million, according to Crain’s.

The Maple Street site has already been proposed for an even more upscale condo project. In early 2019, David Pisor and Jim Lasky, co-owners of the neighboring steakhouse, proposed a 22-story condo development that would have included just 12 condos of nearly 3,500 square feet each and ground floor space for a restaurant. .

Pisor then sued Lasky in a contentious case in which Lasky alleged that Pisor stole $265,000 from restaurant accounts.

[Crain’s] —Miranda Davis

Comments are closed.