Dive Brief:
- In an effort to push through a proposal to sell a state-owned building in Chicago's Loop business district, Illinois Gov. Bruce Rauner and state Republicans have presented the legislature with a conceptual design for a 1,700-foot-tall tower that could replace it, according to Crain's Chicago Business.
- The state's Department of Central Management Services said the state could net $220 million from the sale of the existing 16-story James R. Thompson Center, which houses a number of state agencies. CMS added that selling the building would also save the state $326 million in deferred maintenance costs on the 1980s-era structure.
- Republican lawmakers presented two potential options for the site, both prepared by Chicago design firm Adrian Smith + Gordon Gill Architecture. In addition to the 115-story single-skyscraper concept, architects included a three-tower (40, 60 and 70 stories), mixed-use plan as well.
Dive Insight:
If the 1,700-foot tower design were to come to fruition — although any new development is currently only an idea — it would be the tallest building in Chicago, beating out the iconic Willis (Sears) Tower by almost 250 feet. The proposed structure would include residential, retail and office components, as well as a hotel and observation deck.
While Crain's noted that developers could jump on the opportunity to redevelop a rare, downtown parcel of that size, it pointed out that other similar proposals for a supertall tower have not been successful. However, that doesn't mean Chicago hasn't seen its share of impressive development lately. Earlier this month, developers proposed an 800-foot-tall office high-rise for a site near the Chicago River. If approved and completed, the building would be the tallest office-only tower built in the city since 1990.
Lendlease, as part of a joint venture, also has a development underway along the city's riverfront — the $1.5 billion Chicago Riverline. The residential project will include townhouses, apartments and condominiums, as well as park space.
