Jack Higgins, whose company also is a finalist to be master developer of 108 N. State St., says term sheets have been signed with three tenants who will take a combined 1 million sf at 300 W. Monroe St. Meanwhile, financing proposals have been received from multiple institutions, with a decision expected soon.
The 1.4-acre site bounded by Wacker Drive and Franklin Street is owned by the Pritzker family, owners of the Hyatt Hotel chain, which would appear to be a likely tenant for the elliptical stainless steel, aluminum and glass tower with a 31,000-sf "green roof," public plaza and underground parking that will provide less than half the 300 spaces there now.
However, Higgins told the plan commission Thursday confidentiality agreements prevent him from disclosing who the three main tenants are likely to be. And although comparable new developments would likely make the cost of his project somewhere near $400 million, Higgins also declines to discuss costs for now.
"There are many pieces that have to fall into place," Higgins says. "Those pieces are all in the process of falling into place…I'm very optimistic about our prospects."
While supporting the project, one of the few naysayers is 42nd Ward Alderman Burton Natarus, who continues to argue against department of planning and development guidelines that are allowing fewer parking spaces included in Downtown developments to spur greater use of mass transit.
"I have begun to question the department's policy," Natarus says. "I've come to the conclusion that the department is wrong. I think the department is unrealistic about what's happening now…People don't want to come Downtown because they can't find a place to park."
However, Natarus praises the building's design, and joined other plan commission members in recommending approval. "This is a beautiful building," he says. "I think it's located in the right place."
Retail space also is included at the base of the 690-foot office tower, which would be higher than surrounding buildings.
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