A 51-story tower might soon be coming to a key location along busy Wacker Drive in downtown Chicago.
The new development, a partnership between Dallas' Howard Hughes Corp. and Chicago's Riverside Investment & Development Co., earned approval today from the Chicago Plan Commission, an important hurdle. The 800-foot-tall tower would rise at 110 N. Wacker Drive, next to the city's iconic Civic Opera House, home to the Lyric Opera.
According to the developers' plans, the tower would boast 1.3 million square feet of office space. It will also include some much-needed open space in this busy area of the city, a riverwalk that developers say would be open to the public.
he building was designed Goettsch Partners. If it eventually receives approval from the Chicago City Council — the project's next step — it would become the tallest office building to be built in Chicago since 1990.
The project's approval at the Chicago Plan Commission was unanimous. CBRE is the brokerage that will handle leasing at the new office tower if it receives approval from the Chicago City Council.
“Our vision is to deliver the next evolution of premier office space in the heart of Chicago. This project is generating a tremendous amount of tenant interest in this one-of-a-kind building,” said Grant Herlitz, president of The Howard Hughes Corporation, in a written statement. “We have assembled a team with a proven track record for creating iconic office buildings in Chicago. We are pleased to be advancing through the city process and look forward to next steps.”
The new high-rise will take about two-and-a-half years to build. A construction start date has not been finalized.
"This project will add to Chicago’s skyline while continuing to build on our thriving riverfront,” Chicago mayor Rahm Emanuel said, in a statement. “It will also benefit every corner of Chicago by making the largest-to-date commitment to the Neighborhood Opportunity Fund, which is designed to drive economic activity and create amenities in our neighborhoods that need it most.”
The new high-rise will take approximately two and a half years to build. A construction start date has not been finalized.
The tower, if it does become a reality, would claim one victim, the General Growth Building. This building would have to be razed to make room for the new tower. This building stands just five stories and is now owned by Howard Hughes Corp.