New 19-Story Residential Tower Proposed for Near West Side, Bringing 237 Units to Polk Street

By Socialhood News · Il/Chicago/Near West Side · January 20, 2026

A new residential development is poised to transform the Near West Side landscape as plans for a 19-story tower at 557 W. Polk Street were unveiled this month. The ambitious project, proposed by developer Vahooman Mirkhaef, would replace the current three-story office building that houses Environmental Group Services Limited with a modern residential high-rise designed by Hartshorne Plunkard Architecture, rising 227 feet and offering 237 residential units.

The striking design features a four-story podium with a gridded brick facade at its base, while the residential tower portion will showcase a contemporary aesthetic with gridded metal panels and window walls. The building's main entrance will face the corner of Jefferson and Polk Streets, with parking access via Polk Street. The development plans include 102 car parking spaces and 237 bike parking spaces, supporting the neighborhood's growing emphasis on multi-modal transportation options.

The proposal comes at a critical time for downtown development, with only three large-scale apartment projects scheduled for completion in 2026. Many local residents view the project as a welcome addition that could help connect the West Loop, South Loop, and surrounding neighborhoods. "This area has so much potential to change," noted one community member in online discussions about the proposal. Near West Side residents interested in learning more about the development can attend upcoming community meetings or contact the local alderman's office for information on the project's timeline and community benefits.

Sources:
1. https://chicago.urbanize.city/post/19-story-residential-development-proposed-557-w-polk
2. https://therealdeal.com/chicago/2026/01/09/developer-proposes-south-loop-apartments/
3. https://chicagoyimby.com/2026/01/high-rise-proposed-at-571-west-polk-street-near-old-post-office.html