Although the second through fifth floors will have 80 spaces, the building at 104 S. Michigan Ave. will have a valet parking system involving a car elevator. Access to parking would be from an alley behind the building, from Monroe Street.

"This is a tough project," says 42nd Ward Alderman Burton Natarus. "I don't have any confidence in valets. None of the companies do a good job. I wish they did, but they don't." Natarus has long dealt with valet parking issues in his ward, particularly in River North where they are relied upon by restaurants and night clubs.

However, Natarus says auto elevators must be considered by the zoning committee, and its presence in the 104 S. Michigan Ave. plan did not prevent him from voting for the project as a member of the plan commission, which was required to review the project by the city's lakefront protection ordinance. "What else are you going to do?" Natarus says. "I would rather approve a project like this and have it be economically viable than have another vacant building on Michigan Avenue."

Four of the building's seven elevators will be removed in the renovation, which also includes replacing windows that follow guidelines by the city's environment department as well as the department of planning and development's landmark division. Four skylights will be replaced with recessed balconies on the top floor, and the building's terra cotta lobby will be reserved. The plans have passed muster with the Commission on Chicago Landmarks' permit review committee.

Units, which will range from $200,000 to $2 million, are expected to be ready for occupancy in the summer of 2007.

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