Skip to content
Homepage
  • Market
    • Illinois
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Michigan
    • Midwest
    • Minnesota
    • Missouri
    • N Dakota
    • National
    • Nebraska
    • Ohio
    • S Dakota
    • Tennessee
    • Texas
    • Wisconsin
  • Events
  • Sector
    • CRE
    • Education
    • Finance
    • Healthcare
    • Hospitality
    • Industrial
    • Legal
    • Multifamily
    • Net Lease
    • Office
    • Retail
    • section
    • Seniors Housing
    • Student Housing
  • Real Estate Awards
  • Subscribe
  • Publications
MidwestCRE

NAR board OKs plan to redevelop headquarters

Staff Writer April 5, 2017
Share on Facebook Share on Twitter Share on LinkedIn Share via email

The National Association of Realtors Board of Directors at its meeting in San Francisco Monday unanimously approved an ambitious project to be undertaken with a major partner that would turn the association’s headquarters into a world-class property.

While details of the project remain to be worked out and the decision to carry out the development is not final, the board vote enables exploration to move forward.

The property would replace NAR’s 50-year-old, Class B+ property at 430 N. Michigan Ave. with a significant Realtor-branded, 1 million- to 2 million-square-foot Class A+ building and plaza that would include a five-star hotel, condominiums, office space and ground-level retail.

Under preliminary plans subject to final agreement with the partner, NAR would own a planned 180,000 square feet of the building plus a percentage of the overall project.

The Chicago Tribune is reporting that while a partner on the project was not identified, much of the land involved is owned by a consortium led by BDT Capital Partners, which acquired 1.5 acres bordered by Hubbard Street, Illinois Street, Rush Street and Wabash as part of its $33 million purchase of the Wrigley Building in September 2011 from Wm. Wrigley Jr. Co. That parcel, which includes a parking lot and the shuttered Lakeshore Athletic Club building, is included in a map of the proposed project that was shown during the Realtors’ meeting, according to the Tribune.

Tags
Wm. Wrigley Jr. Co.
" "

Subscribe

Subscribe to our email list to read all news first.

Subscribe
Related Articles
IllinoisRetail

Marcus & Millichap arranges sale of multi-tenant retail property in Mount Prospect

May 30, 2023
MissouriCRE

Keystone Construction Company completes next phase of $4 million outdoor entertainment space in St. Louis market

May 30, 2023
IllinoisIndustrial

Brown Commercial Group negotiates 46,500-square-foot O’Hare transaction and others

May 30, 2023
MissouriIndustrial

FreightWeekSTL highlight: More than $2.2 billion in new manufacturing investments underway in St. Louis region

May 30, 2023

Subscribe

Subscribe to our email list to read all news first.

Subscribe
REJournals logo

Market

  • Illinois
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Michigan
  • Midwest
  • Minnesota
  • Missouri
  • N Dakota
  • National
  • Nebraska
  • Ohio
  • S Dakota
  • Tennessee
  • Texas
  • Wisconsin

Sector

  • CRE
  • Education
  • Finance
  • Healthcare
  • Hospitality
  • Industrial
  • Legal
  • Multifamily
  • Net Lease
  • Office
  • Retail
  • section
  • Seniors Housing
  • Student Housing

Subscribe

Subscribe to our email list to read all news first.

Subscribe
  • Contact Us
  • Events
  • Office Locations
  • Advertise
© 2023 REjournals.com