The Chicago Department of Planning and Development has selected a proposal from DL3 Realty to develop a 25-story mixed-use building at 331-35 S. Plymouth Court, replacing a city-owned parking garage and alley. The $162.2 million project, named ACōDA, is set to include 300 residential units with 20 percent designated as affordable housing under the city’s Affordable Requirement Ordinance.
The planned tower will also feature ground-floor retail, restaurant space, and coworking areas. DL3 Realty intends to invest $1.5 million in upgrades to nearby Pritzker Park at State and Van Buren streets, which will involve creating a new performance area, improved lighting, and public art installations.
Although the development will house 300 units, it proposes only 60 parking spaces. This reduction is possible due to its proximity to the CTA’s Harold Washington Library and Jackson stations and follows a city ordinance enacted last July that removed parking minimums for projects near public transit.
Ciere Boatright, commissioner of planning and development for the city, stated: “In addition to bringing 300 mixed-income units to a key transit node downtown, the project aligns with Central Area Plan strategies to revitalize the southern part of the State Street shopping corridor with new public-private investments.”
Unlike projects in the LaSalle Street Reimagined initiative—which requires developers to allocate 30 percent of units as affordable housing—this site does not fall within a tax increment financing (TIF) district. However, DL3 Realty may pursue a $5 million community development grant from the city.
DL3 Realty CEO Leon Walker explained that part of the plan includes live/work lofts for emerging entrepreneurs who would reside on one level and work on another within duplex units. Walker noted similar features were included in their Thrive Englewood housing project completed last year.
Walker described the location as highly connected due to its access to public transportation as well as nearby institutions like courthouses and the University of Illinois Chicago School of Law campus. He shared his perspective on revitalizing State Street: “This is one of the very last vacant parcels in the entire Loop and having the adjacency to a park also gives you potential,” he said. “So we just think it’s a gem, a diamond in the rough. It needs to be lifted up and polished off, and others will see the value that’s here.”
The property sits next to 320 S. Plymouth Court’s Standard Club building, which had operated as a migrant shelter until October 2024 when services ended after fewer new arrivals were reported.
With support from Alderman Lamont Robinson (4th), it is expected that this proposal will receive approval from both City Council’s zoning committee and full council.
