CHICAGO (CBS) — Loyola University has gotten a preliminary green light to build a new building for its downtown Chicago Business School and a large residential tower as well, reports WBBM Political Editor Craig Dellimore.

The city council zoning committee is recommending final approval of Loyola’s plans for a bigger, better 10-story School of Business across Pierson Street from the old one.

Plans also call for a 35-story residential building with 367 units.

Loyola Senior Vice President Wayne Magdziarz says moving the Business School of course won’t generate much anymore traffic at State and Pierson.

As for the apartments, Magdziarz said, ”As far as the residential building is concerned, those are precisely the issues that we work with the neighborhood making sure that we don’t add to the congestion by first of all making sure that all of our loading and deliveries and traffic are off the street and doesn’t impact Chestnut Street and then secondly that the building is a transit oriented development,” said Magdziarz.

The new area also will include parking and retail.

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