Developer readies a sales pitch for once-in-a-Millennium deal
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http://www.suntimes.com/business/roeder/203849,CST-FIN-roeder10.article)
January 10, 2007
BY DAVID ROEDER Sun-Times Columnist
Working with the architects at Solomon Cordwell Buenz, a Park Ridge-based real estate firm is completing plans for a
40-story apartment tower destined for a prominent spot in the skyline. BJB Partners is drumming up community support for the building
at the northeast corner of Michigan and Randolph, overlooking Millennium Park.
BJB has promised to unveil the design at a meeting Monday of the Grant Park Advisory Council. Know this: The building will be skinny. It's on a tiny parcel next to the Doral Plaza at 151 N. Michigan and just west of the Prudential building.
Despite the height,
the building will have only about 80 units. BJB, which owns Doral Plaza, expects the location and views will allow for premium rents.
John Lahey, principal at the Solomon firm, said the project envisions vibrant retail space at the street level, including a renovation of storefronts in the Doral.
"This is real important because retail-wise, that is dead space in need of a major makeover," said Bob O'Neill, president of the Grant Park group.
The 6:30 p.m. meeting at Daley Bicentennial Plaza, 337 E. Randolph, also promises an appearance by Garrett Kelleher touting his 2,000-foot-tall condo spire near Navy Pier.
PRESERVATION POWER: A lot of people were flummoxed last week when the Commission on Chicago Landmarks voted narrowly to prevent a partial demolition of the Farwell Building at 664 N. Michigan. The reconstruction of the building was an integral part of Prism Development Co.'s plans for a 40-story building next door.
The ranks of the flummoxed included Prism and its victorious arch-foes, the preservationist groups. The project had the OK of the city's Planning Department and the neighborhood's alderman, Burton Natarus (42nd), and that usually settles the issue for the city's review agencies. But with one absence and one abstention on the nine-member commission, the matter fell a vote short of the five needed to pass.
Prism principal Jon Rodgers said the company is considering its next step. He noted that the proposal for the Farwell, which called for taking apart and reassembling the facade, was worked out after lengthy negotiations with city officials. Attached to the Farwell would be a condo building marketed under the Ritz-Carlton name, with hotel-like amenities and prices that aspire to the highest standards in Chicago.
Rodgers said contracts have been signed for about 35 percent of the 86 units being offered. Time has become his enemy, however, and if he hopes to get more people to tie up their money, he'll have to settle on a Plan B quickly.
The 11-story Farwell, dating from 1927 and designed by Philip Maher, is acknowledged to be in bad shape. Maybe the landmark panel's vote shows that patience is wearing thin with "facadectomies," the practice of hollowing out a building while keeping its outer walls. But was that the best way forward for the Farwell?
Speaking of facades,
the group Preservation Chicago has raised objections to developer Mark Hunt's plan for a 20-story hotel at 1112 N. State. It's the site of the four-story Cedar Hotel, whose terra cotta front would be incorporated into the new structure. Michael Moran, vice president of Preservation Chicago, is concerned about keeping the site's "front yard" of outdoor seating for a couple of cafes. He said it is an important gathering spot for the crowds drawn to Division Street.
Moran said a decorative roofline on the building was removed a few months ago. He's suspicious of the timing. A spokesman for Hunt said his company, M Development, was not involved in the removal, which was done by the current owner. Hunt "will use his best efforts to replace it" if the sale closes, the spokesman said. The Cedar Hotel was built in 1924 and was the work of architectural firm Rissman and Hirshfeld. It is not a landmark but is entitled to a 90-day city review of any demolition request.
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