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31-story Grand Central Market-adjacent tower still alive

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Proposed four years ago, plans for 428 apartments at Fourth and Hill are moving along

A rendering of a 31-story tower with a podium on its lower floors. On the ground floor, a little glowing opening to the subway can been seen.
The 340 South Hill project.
Via Department of City Planning

There’s been little news about this 31-story apartment tower since its plans were first filed four years ago in 2015. On Thursday, a new environmental analysis for the project—and a shiny new rendering—broke the silence.

Developed by Equity Residential—a Chicago-based company that is the nation’s third-largest apartment owner—the project would bring 428 apartments to the northwest corner of Fourth and Hill streets, right on top of Metro’s Pershing Square station entrance.

Of those apartments, 22 would be reserved for very low income households; the project would also include either 10 percent of the total number of units for low income households or 15 percent of the total number of units for moderate income households or 20 percent of the total number of units of workforce housing.

As planned, about half the apartments in the project would be studios. Roughly a third of the units would be two-bedroom apartments, and the rest would be one-bedrooms.

The project at 340 South Hill—where the Historic Core meets Bunker Hill—would hold 379 parking spaces, none of it intended to serve the 5,600 square feet of commercial space contained within the building.

A new rendering of the project by TCA Architects shows the tower hovering over the Metro entrance, which appears much more open and visible than the current portal. The apartment building would replace a parking lot and the taco restaurant at Fourth and Hill now.

The developer applied for a Sustainable Communities Environmental Assessment, which allows for a streamlined environmental review for projects that are consistent with regional transportation plans to reduce greenhouse gas emissions—namely by creating dense housing near transit.

The environmental report anticipates a 29-month construction period, but it doesn’t offer a potential start date.

An aerial photo of the part of the city where this project would rise. The site is outlined in yellow.
The 340 South Hill site.
Via Department of City Planning

The site at 340 South Hill is located just east of the Angels Knoll property—that grassy hill where goats often performed brush clearance and on-screen romance bloomed. That property is slated for a billion dollar makeover via Angels Landing, which would bring 500 hotel rooms, 250 condos, and 400 apartments in two towers reaching 42 and 64 stories, respectively. Angels Landing is expected to open in 2028.