CHICAGO-The Board of Directors of the National Association of Realtors approved a preliminary plan on Monday to replace its 50-year-old headquarters building here with as much as 2 million square feet of building and plaza space.
The plan would replace the building at 430 N. Michigan Ave. and some space to the west with a new development that would result in a “world-class property that is intended to become the next destination building in the iconic Chicago skyline," NAR spokesperson Stephanie Singer states.
The proposal, if finalized, would involve the development of a luxury hotel, condominiums, offices and retail between North Michigan and Wabash avenues, according to the Chicago Tribune.
A majority of the project site is owned by a consortium led by BDT Capital Partners. While NAR would have to relocate during construction, in the end the association would own approximately 180,000 square feet in the redevelopment and an ownership stake. See story in the Chicago Tribune.
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