The veil has been lifted on Sterling Bay’s plans for the property at 300 N. Michigan Avenue in Chicago. According to 42nd Ward Alderman Brendan Reilly, the Chicago-based developer seeks to replace an empty, four-story building on the site with a 47-story, 523-foot structure designed by bKL Architects.
Sterling Bay acquired the property in 2013; a report in 2017 by the Chicago Tribune indicated that they sought to demolish the existing building and erect a residential high-rise. The new plans, which they are co-developing with Magellan Development, include a 280-key hotel, in addition to 290 residential units.
The base of the building will reportedly contain approximately 25,000 square feet of retail space, in addition to separate hotel and residential lobbies, hotel amenity space and a fitness center shared between the two uses. Above that would be ten floors of hotel, 29 floors of residential and an amenity level near the top for residents that includes a rooftop deck. In total, the building will have parking for only 26 automobiles, all under ground.
According to Ald. Reilly, the proposal is backed by the Chicago Loop Alliance and The Magnificent Mile Association. Sterling Bay has requested a zoning change, meaning the project will have to go before the Chicago Plan Commission, the Zoning Committee and the City Council. Ald. Reilly hasn’t announced any public meetings, but is seeking input from his constituents.