Development Proposal
Representatives from Riverside Investment & Development and Howard Hughes Corporation presented their proposed plans for an 800 ft office tower at 100 N. Wacker Drive. This is the same team that is delivering 150 N. Riverside Plaza on the west side of the river.
The property is located along the river between Washington and Randolph. The existing seven-story building, which houses General Growth Partners, would be demolished to make way for the new structure, which would not require a zoning change from its current DX-16 level. This is a planned development.
With a trapezoidal floor plan and staggered interior column structure, the building would house 51 stories for office use, with over 1.35M sq ft. The development includes significant open space at its base, with a 45 ft wide riverwalk (which is greater than the ordinance requires). The riverwalk would also include 300 ft of linear seating.
A transit-oriented design, the new building will provide 150 parking spaces, all of which will be accessible from Lower Wacker Drive (as will the loading docks). This will eliminate existing conflict points between cars and pedestrians. The developer expects that signal timing improvements will be made to nearby intersections to address any changes in traffic flow caused by the development.
No anchor tenant has yet been identified, but, considering that downtown occupancy is at its lowest level in years, the developers are confident that the space will be used. They estimate rent in the building to be $10-14 per sq ft, which they expect to generate over $1M in tax revenue per year. The site will support 6,000 employees, a significant increase over the number currently working on the site.
Construction will begin once an anchor tenant has been found. The process will take roughly 34 months and will follow the City’s required timeframes. Efforts will be made to maintain all lanes of traffic and all pedestrian walkways around the site during construction. There will be no overnight construction activities.
Next Steps
No zoning changes have been requested; NOWL will monitor progress on the project.
Related Links
- Crain’s: Developers unveil plans for Wacker Drive office tower (1/17/17)
- Curbed: 800-foot riverfront tower proposed to replace Chicago’s old General Growth Building (1/18/17)
By: Development Committee Chair Matt Letourneau and Committee Member Leigh Wang
Date: January 22, 2017