The proposed 29-story, $100 million South Market District apartment tower called the Odeon should begin construction in the next several months.
Last week, Christian Brierre with the Domain Companies told the Industrial Development Board (IDB) at their monthly meeting that the developer is expected to close financing in April, with construction starting shortly thereafter.
The project will be fifth phase of Domain’s South Market District. You can check out the design and renderings here. The Odeon will be a 414,000-square-foot tower with 271 apartments, ground-floor retail, three floors of off-street parking, a pool and a fitness center. The site is currently a vacant lot bounded by Loyola and O’Keefe Avenues and Girod and Julia Streets. Apparently the developers are not fully developing the square and are leaving some space for another, sixth phase to be built at a later date.
Last year, Domain had received an IDB approval for a payment in lieu of taxes (PILOT) that would have allowed Domain to pay only the assessed value of the vacant lot, or $34,000 a year. Once the development is complete, the developer would have had to pay a fixed fee of $518,000 per year until 2021, with 3 percent increases after that.
Since the project changed over the last year, Domain sought a revised PILOT, which the IDB Board unanimously approved, that allows $34,000 per year of property taxes during construction, and then a fixed rate of $530,700 per year until 2022 that will increase each subsequent year by 3 percent for another 10 years.
The Odeon joins the South Market District’s other projects, which include the super high-end $80 million condo tower, The Standard, mixed-use projects the Beacon and the Paramount, and the parking garage and retail complex.
The architect is Humphreys & Partners Architects.