Most of the rest of the building will be filled by a hotel, says Richard Gatto, executive vice president with Alter. "The hotel should take up to 125,000 sf," Gatto tells GlobeSt.com. "The rest of the 227,000-sf building will be office space, for sale or lease, and some retail and/or a restaurant on the first floor." He says there's a number of potential hotel candidates interested in the building, but none close enough to name.
The three-sided building will have separate entrances for Erikson, the hotel and the rest of the office tenants, Gatto says, giving Erikson its own private part of the building. Alter officials say that the 501c3 group, able to take tax breaks on its ownership of the space, will have nearly double the space it is leasing at 420 N. Wabash Ave. "They'll see a pretty significant savings," Gatto says. He did not divulge what the group is spending on the office space.
An Alter spokesman says Erikson spent four and a half years searching for the right space. Completion of the building, designed by Martin Wolf, senior principal with Solomon Cordwell Buenz & Associates, is expected in early 2008. This will be the Alter Group's second building in Downtown Chicago, the other being the 17-story, 385,000-sf Dearborn Plaza at 20 West Kinzie St.
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