The Gold Coast will get two new buildings on the block of State Street between Chestnut and Pearson, thanks to Loyola University Chicago’s plan to build a new, 10-story home for the Quinlan School of Business. The $67 million business school building will be built with the help of a $40 million gift from Michael R. Quinlan, Loyola alumnus, former CEO of McDonald’s and current chairman of Loyola’s board of directors. Additional funding is coming from the sale of a surface parking lot at State and Chestnut, which will be the site of a 35-story residential building, to be built by a private developer. The existing business school facility will become a library for Loyola’s downtown campus. The projects won approval from the Chicago City Council’s Zoning Committee on March 26 after dozens of community meetings. Input from neighbors led to several design changes, according to Loyola officials. The full City Council is expected to vote this month, with groundbreaking scheduled for fall. It will likely get City Council approval, as it has the support of 2nd Ward Ald. Bob Fioretti, in whose ward the project falls. The new business school is planned to open in late summer of 2015. According to media reports, Loyola attorney Jack Lawler said a sidewalk arcade was added along State Street to “enhance the pedestrian experience,” and the exterior of the residential tower was changed from reflective glass to metal and glass. Campus security officers will be relocated to a nowshuttered liquor store to have more of a presence in the area. In addition, loading and deliveries for the residential building will be done in an off-street area, so as not to increase traffic congestion. The building is designed to appeal to residents who use public transit, with only 162 parking spaces for 367 units. Loyola vice president of capital planning Wayne Magdiarz said the university did its best to minimize the impact on an already congested area. The plan will not increase the number of Loyola students living or studying in the neighborhood; it will simply provide better facilities for the students the school already has.