Posted on 10/25/2017 4:39:23 AM PDT by simpson96
Chicago developer unveiled drawings Tuesday for what could be the city’s sixth-tallest skyscraper and the third-tallest north of the Chicago River.
To be built on what is now a parking lot across State Street from Holy Name Cathedral, the condominium and apartment tower could rise as high as 1,011 feet. To be clad in glass, metal and stone, it would have a thin, stepped-back profile that recalls 30 Rockefeller Plaza, the landmark Manhattan skyscraper that houses the headquarters of the NBC television network.(snip)
Named One Chicago Square and projected to cost more than $700 million, the development would be bounded by Chicago Avenue and State, Dearborn and Superior streets.
Along Chicago Avenue, it would include an apartment tower that could be as tall as 580 feet. A nine-story base housing apartments, shops, parking, a grocery and a health club would connect the high-rises. One Chicago Square would have a total of 1.5 million square feet, Letchinger said, about 20 percent more space than current zoning allows.(snip)
In exchange for the right to build extra square footage, Letchinger said, he plans to pay $12 million into a city fund, most of which will go to improving commercial strips in “underserved” areas of the South, Southwest and West sides.
(Excerpt) Read more at chicagotribune.com ...
"most of which..." Lol. Right. Because a few mil will go into the pockets of Chicago's crooked Aldermen and their relatives and family members.
Downtown office vacancy at two year peak
It's up in the 'burbs, too.
Why would anyone be building in the State of Illinois ?
I recently heard there are 54 new high-rises being built in the city of Chicago(!)
There. Fixed it.
Any REITs involved? Seems like a great put option play.
New welfare building?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.