DuMont says the project will take 10 months to complete once afourth-floor tenant and financing are secured, and PepperConstruction resumes work on the site. The museum will occupy thesecond and third floors of the building, at 360 N. State St. "Thesite is close to a major tourist audience with 8,000 hotel roomswithin a four-block radius," DuMont tells GlobeSt.com.

Tenants have already been secured to fill the first floor of thedevelopment. Most recently, 6,000 sf was leased for a new Thairestaurant to be operated by Lisa Ko, owner of sushi restaurantTamarind, at 614 S. Wabash. Johnny Rockets will lease the remainderof the ground level. The museum, which owns the property, hopes tolease the fourth floor space to a banquet or special eventsoperator. The asking lease rate is $38 per sf, net, DuMontsays.

The museum acquired the 13,520-sf site in 2003 for $4.6 millionfrom BJB Partners, an owner and manager of multifamily rentalbuildings throughout the market. The property once housed a50,000-sf parking garage.