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.
