Chicago, IL — DL3 Realty announced todaythat the City of Chicago has selected the firm’s proposal to redevelopCity-owned property at 331–335 S. Plymouth Court in the Loop with ACōDA, a $162million mixed-use development that will deliver 300 mixed-income residences andhelp catalyze a new phase of residential growth in downtown Chicago.
Located adjacent to Pritzker Park at thesouthern gateway to State Street, the 25-story project will include 300apartments, including 60 affordable homes, along with ground-floor retailspace, coworking areas, and flexible live-work lofts. Situated directly next to the CTA Brown,Orange, Pink, Purple, and Red Lines, the development is designed as atransit-oriented residential community that reconnects housing, commerce, andculture in the heart of the Loop.
“This exciting proposal will reactive oneof the Loop’s most underutilized sites with mixed-use amenities that reflectlong-established neighborhood development goals,” Ald. Lamont Robinson (4th)said.
ACōDA will also mark a significantmilestone for downtown development, as one of only a handful of ground-upresidential towers built in Chicago’s Loop in the past 25 years—followingprojects such as the Marquee at Block 37, Linea on Lake Street, 235 Van Buren andthe Parkline apartments overlooking Millennium Park. ACōDA would also representthe first ground-up residential tower in the Loop led by a Black-owneddevelopment firm
For DL3 Realty, ACōDA represents more thana single development. It is a cornerstone of the firm’s broader effort to bringnew residential density to Chicago’s central business district and help reshapethe Loop into a true live-work neighborhood.
“Chicago’s downtown must evolve,” said LeonWalker, Founder and Managing Principal of DL3 Realty. “For generations the Loophas primarily been a place where people work. The next chapter for our cityrequires downtown to become a place where people live, build their lives, andparticipate in the cultural energy that makes Chicago unique.”
Walker added: “More residents mean strongerretail, safer streets, and a downtown that attracts and retains the nextgeneration of talent.”
Building on a Track Record of Impact
DL3 Realty celebrated its 25th anniversaryon January 25, 2025, marking a significant milestone in the firm’s history andits long-standing commitment to delivering catalytic development projects thatexpand economic opportunity across Chicago.
Since 2020 alone, DL3 has developed morethan one million square feet of commercial real estate and helped create morethan 3,000 permanent jobs through projects across the city.
Many of those projects were deliveredthrough the firm’s Neighborhood Impact Portfolio, which mobilized institutionalinvestment and public-private partnerships to deliver strong financialperformance with measurable social impact through projects that restoredessential services, created jobs, and expanded access to housing and communityamenities.
Today, DL3 is extending that model todowntown Chicago, applying its experience with complex capital structures andpublic-private partnerships to support the next phase of the city’s economicevolution.
A key component of this strategy is thefirm’s joint venture with Riverside Investment & Management and AmTrust REon the redevelopment of the historic 135 South LaSalle Street building. The project will convert the first 15 floorsof the former Bank of America tower into 394 mixed-income apartments, including116 units reserved as affordable housing for families earning up to 60 percentof Area Median Income (AMI).
Together, the 135 South LaSalle conversionand ACōDA development illustrate DL3’s integrated approach to downtownrevitalization — combining the adaptive reuse of historic office buildings withnew ground-up housing development to bring thousands of new residents intoChicago’s Loop.
ACōDA at the Gateway to State Street
Within that broader vision, ACōDA willintroduce new residential density and active ground-floor uses at the southernend of the State Street corridor — an area that includes Harold WashingtonLibrary, several local universities, and Pritzker Park that city leaders haveidentified as a key opportunity for revitalization.
In addition to housing and retail space,DL3 Realty will invest in improvements to nearby Pritzker Park, includingenhanced lighting, public art installations, and a new performance spacedesigned to support programming and community events. The park improvements are being designed byErnest Wong of Site Design Group.
ACōDA is being designed in partnership withPerkins & Will, with Todd Snapp serving as lead designer and architect forthe project. Development efforts are being managed by Yasamin Enshaeian, SeniorDevelopment Manager at DL3 Realty Advisors.
Development is expected to proceed in Fall2027, following City approvals and financing.
Media Contact
Linda Hattar
Directorof External Affairs and Civic Engagement
DL3 Realty
Lhattar@DL3realty.com
