Property Lines - Scott Olson

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Real Estate & Retail

Paramount Tower plan shrinks

August 25, 2008

Paramount Student HousingDevelopers are taking a new approach to a student housing project proposed for a 2.3-acre parking lot a few blocks east of the Central Canal. The plan, which once called for a 16-story tower, now envisions a 4- or 5-story structure including a ground-floor parking level and a small retail space at the corner of Capitol Avenue and North Street. Each floor would contain 55 units of various sizes with a total of 140 beds. Two courtyards and a pool area would be built atop the parking structure. The updated application, which names Minneapolis-based Opus as the developer, asks the city to vacate a portion of Kankakee Street. The new plan calls for no surface parking and a structure built to the street in every direction. Check out an earlier post here.
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