Construction Begins on River North Office Building Renovation/Expansion Project
The renovated and expanded building will feature floor plates of 15,295 rentable square feet and will total 93,535 rentable square feet in total when completed.
CHICAGO—North Wells Capital has broken ground on its renovation and expansion of the office building at 306 W. Erie here.
The firm, the investment affiliate of Chicago-based Urban Innovations, Ltd., acquired the existing 45,000-square-foot building in May 2017, with plans to more than double its size. The expansion, designed by NORR Architects, integrates the existing brick and timber loft structure with a modern glass floor-to-ceiling five-story addition that will include an outdoor terrace and amenity space. The renovated and expanded building will feature floor plates of 15,295 rentable square feet and will total 93,535 rentable square feet in total when completed.
Other notable elements of the project will be a large landscaped rooftop terrace that will include a fire pit and dining/kitchen area. Additionally, there will be a tenant lounge, ground-level retail, as well as fully modernized mechanicals, elevators and restrooms at the building.
A ceremonial groundbreaking for the project was held at the project site on Nov. 22.
“We’re extremely excited about this project, as it preserves the traditional brick and timber construction, but also provides state-of-the art amenities and infrastructure that appeal to River North’s business and resident community,” says North Wells CEO Jim Fox.
North Wells Capital also controls nearby sites in River North at 311 W. Huron, where a 154,000-square-foot office building is planned, and at 320 W. Huron, where the firm is currently working to secure entitlements for another office development that will total more than 265,000 square feet. The three planned buildings have been branded as “Verso.”