CHCAGO | Thompson Center redevelopment | Jahn's MASTERPIECE will be saved!!!!!!!!!!!

[galleyfox]

State in deal to sell Thompson Center
Pritzker announced that the state has entered into exclusive negotiations with the Prime Group to sell the building, a move that the governor said would save taxpayers $800 million.
https://www.chicagobusiness.com/gove...hompson-center

After reviewing two final bids, our team has entered into exclusive negotiations" with the team that would also "honor the original design of the building."

The new majority owners will pay $70 million upfront and intend to develop a "state-of-the-art mixed use building" with executive offices, retail, and hotel space. "The design is truly stunning," Pritzker said.

Michael Reschke of the Prime Group said demolishing the building would have been "a travesty."

"We concluded that office was still the highest and best use. We look at the problems that have plagued this building since 1985 when it opened. Those problems, we found, were very manageable," he said, even opportunities.

[Steely Dan]

^ WHAT!?!?!?!?!?!?!?!?!?!?!?


it sounds like there might be a prayer of a hope of the building possibly being saved, at least in part!


oh dear Pizza God, we need you now more than ever!

[r18tdi]

$70 million huh? Not exactly the $300 million figure Rauner promised

[galleyfox]

The Prime Group wants to complete the sale by 2022 and start construction by the end of next year.

Duration of renovation: 2 years but building remains open. State gov to continue leasing office space in the meantime
Cost: $280 million

Installation of curtain wall to separate offices from atrium.


https://twitter.com/alexnitkin/statu...178433028?s=21

[BVictor1]

https://www.chicagobusiness.com/gove...es-prime-group

State in deal to sell Thompson Center

Pritzker announced that the state has entered into exclusive negotiations with the Prime Group to sell the building, a move that the governor said would save taxpayers $800 million. The new owners plan to preserve the structure.

December 15, 2021 11:41 AM UPDATED 4 MINUTES AGO

The state has reached a deal to sell the Thompson Center for $70 million, Gov. J.B. Pritzker announced today, and the buyers plan to preserve the building.

Pritzker announced that the state has entered into exclusive negotiations with the Prime Group to sell the building, a move that the governor said would save taxpayers $800 million.

"After reviewing two final bids, our team has entered into exclusive negotiations" with the team that would also "honor the original design of the building."

The new majority owners will pay $70 million upfront and intend to develop a "state-of-the-art mixed use building" with executive offices, retail, and hotel space. "The design is truly stunning," Pritzker said.

Among other changes, Prime intends to install a "new curtain wall" to reduce the building's famously high heating and cooling costs.

The renovations could begin within the next 12 months if the deal closes within the next six, Reschke said.

Reschke says the renovation budget is roughly $280 million, and would take two years from the start of construction. The building will remain open during that renovation, with the state staying on as an occupant during the refresh.

[Steely Dan]

^ I'M TRULY STUNNED!

i had completely given up all hope that Jahn's masterpiece would be saved.

[west-town-brad]

$70 million for the thompson center

that's lower than the land value really

https://www.chicagobusiness.com/gove...es-prime-group

[Zapatan]

Nice, no supertall but this is a unique landmark so I'm glad it may not be getting torn down

[nomarandlee]

Love Love this news.

[galleyfox]

Originally Posted by west-town-brad

$70 million for the thompson center

that's lower than the land value really

https://www.chicagobusiness.com/gove...es-prime-group

The state is retaining 30% ownership and keeping its offices there. Not a windfall but saves money in the long run.

[left of center]

Wow, excellent news!

I wonder if they will implement Jahn's idea of adding a supertall skyscraper at the southwest corner of the structure. Based on the article clippings above, it does not seem that is going to be the case, at least not in the immediate term.

[JN12Franklin]

Wow. Very happy with this. Pritzker continues to impress me.

Looking forward to seeing some better images of those renderings. Looks like a lot of the red and blue colored panels are disappearing. Not quite sure how I feel about that.

[thegoatman]

So no skyscraper? What a waste.

[galleyfox]

[west-town-brad]

Originally Posted by Zapatan

Nice, no supertall but this is a unique landmark so I'm glad it may not be getting torn down

I would still guess it gets torn down in my lifetime (I'm 40)

For some separate context JDL paid $90 million for the parking lot where One Chicago is being built

[r18tdi]

Isn't this the same guy who hired Lucien LaGrange to design that fugly RUI Plaza hotel in Streeterville?

[west-town-brad]

Originally Posted by galleyfox

The state is retaining 30% ownership and keeping its offices there. Not a windfall but saves money in the long run.

so total value is $100 million, which I would say is the value of the dirt in this location

[jchase79]

I'm really happy to hear this... I love this building and didn't want to see it demolished!

I guess we will hear more details later but I'm still not clear if this is just a renovation of the building period or will also add a tower on the side like the vision Jahn released a few years ago.

[r18tdi]

This image shows the JAHN logo in the corner. Perhaps there is still hope for a phase 2 vertical expansion?
I will say that a part of me will miss the robin egg + salmon color scheme...

[Kngkyle]

This is way better than my previous prediction of Block 37(2). Much better to keep an architecturally significant unique building than adding a couple 50-60 floor generic towers. Height isn't everything.