Tall & Urban News

One of Chicago’s busiest real estate developers wants to build a 47-story residential and hotel tower on a stretch of North Michigan. Sterling Bay is seeking approval to build the tower at 300 N. Michigan Avenue, where a four-story brick building would be demolished, downtown Alderman Brendan Reilly said in an email to constituents in late March 2019.

This announcement comes almost two years after Sterling Bay announced plans for a residential high-rise on the site. At the time, a hotel was not known to be part of the plan for the site.

Sterling Bay’s hands have been full in the meantime, including completing McDonald’s new headquarters in the Fulton Market district and bringing its proposed US$6 billion Lincoln Yards mega-development on the North Side close to final city approvals. That process could be completed by April 2019.

The Chicago-based developer seeks zoning approval to build the tower atop a broader podium that would include 25,000 square feet (2,323 square meters) of flagship retail space, according to Reilly. The proposal includes 280 hotel rooms, topped by 290 residential units. There would be 26 parking spaces and 48 bike parking spaces below ground, the alderman said. There also would be amenities on the fifth and 46th floors.

The proposal has the support of the Chicago Loop Alliance and the Magnificent Mile Association, but the developer must present its plans to the Chicago Plan Commission and the City Council’s zoning committee. It ultimately will require full City Council approval.

Partners on the project include Magellan Development Group and Wanxiang America Real Estate Group, a Chicago-based real estate investment arm of Chinese auto parts manufacturer Wanxiang Group.

The vacant building on the site, on the northwest corner of Michigan and Wacker Place, previously was leased to tenants including RadioShack, Walgreens and Subway.

Sterling Bay’s plans come after the once-drab stretch of Michigan Avenue south of the river has seen several new developments, such as Oxford Capital Group’s conversion of nearby buildings into the Hotel Julian and LondonHouse hotel, and John Buck Co.’s construction of the 41-story Mila apartment tower. Just north of the Chicago River, Apple opened a new flagship store in late 2017.

For more on this story visit the Chicago Tribune.