A 28-Story Gold Coast Tower Is Taking Shape Where Barnes & Noble and Lou Malnati's Once Stood
Looking east on West Elm Street. Photo by Daniel Schell
GOLD COAST, CHICAGO— A familiar corner of Chicago's Gold Coast is undergoing a major transformation, and its next chapter is becoming easier to picture.
Construction at 7 W. Elm Street, where Barnes & Noble and Lou Malnati's once operated along North State Street, has reached a new milestone with the installation of a tower crane.
The development will bring a 28-story residential tower with 304 rental apartments, approximately 24,000 square feet of retail space and parking to the intersection of State and Elm streets.
The crane installation marks visible progress following demolition and foundation work earlier this year. Apartments are currently targeted to open in early 2028.
From a Bookstore and Pizza Restaurant to a 28-Story Tower
The 7 West Elm tower crane reflected in the glass façade of 4 East Elm. Photo by Daniel Schell
For years, the southwest corner of State and Elm was home to two recognizable businesses: Barnes & Noble at 1130 N. State Street and Lou Malnati's at 1120 N. State Street.
The bookstore, which also housed a Starbucks café, had already closed before redevelopment moved forward.
Earlier plans called for a residential tower that would preserve a place for Lou Malnati's within the development. However, those plans stalled before a new developer took over.
In September 2025, Convexity Properties acquired the site and introduced a revised design by Chicago architecture firm Goettsch Partners.
Demolition permits were issued in August 2026, clearing the way for both commercial buildings to be removed.
The site has since transitioned from demolition to foundation construction, setting the stage for a new addition to the Gold Coast skyline.
What's Planned for 7 West Elm?
A tower crane and its shadow. Photo by Daniel Schell
The redesigned tower will rise approximately 312 feet, featuring a modern glass exterior, residential balconies and a multi-level podium with commercial space.
The development includes:
304 rental apartments, primarily one- and two-bedroom layouts, with select studios and three-bedroom homes.
Approximately 24,000 square feet of retail and restaurant space on the lower levels.
Garage parking and bicycle storage for residents.
18th-floor amenities, including outdoor gathering areas and coworking space.
28th-floor amenities, including a fitness center, spa, resident lounge and outdoor pool deck.
Affordable housing, including planned income-restricted apartments and a financial contribution toward additional affordable housing.
The design also includes a second-floor commercial terrace envisioned for a future food-and-beverage tenant.
That means the site could eventually bring restaurants or other businesses back to the corner, alongside hundreds of new residents.
Specific retailers, apartment rents and leasing details have not yet been announced.
Construction Update: The Tower Crane Is Now in Place
Looking south down State Street. Photo by Daniel Schell
The November 9 construction update confirms that a tower crane has been installed at the northeast corner of the development site.
The crane received its permit in October, following earlier approvals allowing foundation work to begin.
Contractor W.E. O'Neil Construction is leading the project, with Thatcher Foundations and other construction teams working on the building's foundation and supporting infrastructure.
Recent construction activity includes excavation, pile installation and preparations for the tower's vertical structure.
Although the crane is now in place, the full building permit remained pending as of the November 9 report.
This distinction matters because foundation work and crane installation can proceed under separate permits before all remaining building approvals are issued.
Construction is underway, but the 28-story structure has not yet reached its full vertical construction phase.
The next milestone will be continued structural progress as work moves beyond the foundation.
When Will 7 West Elm Be Completed?
The construction team currently anticipates a 21-month construction period, with completion and apartment openings targeted for early 2028.
That schedule remains subject to construction progress, outstanding permits and other project requirements.
The development will introduce rental housing rather than condominiums for sale.
For people considering purchasing property in the Gold Coast, the project is another reason to monitor nearby construction, housing options and neighborhood amenities.
Chicago condo buyers should also evaluate property taxes, HOA assessments, building reserves, parking and the condition of individual buildings when comparing existing properties.
The immediate milestone is clear: the former Barnes & Noble and Lou Malnati's site is now an active construction site, with a tower crane signaling the next phase of its transformation.
Explore Homes Near Chicago's Gold Coast and Downtown
From new residential towers to historic condominium buildings, Chicago's Gold Coast offers a wide range of housing options close to shopping, restaurants and the lakefront.
For buyers and relocation clients, understanding nearby development, building amenities and local housing conditions can help when choosing where to live.
The Cory Tanzer Group at Option Premier helps buyers, sellers and renters navigate the real estate market across Gold Coast, River North, Streeterville and surrounding Downtown neighborhoods.
Considering a move to Chicago's Near North Side? Connect with our team to explore available properties, compare buildings and find a home that fits your lifestyle and budget.
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