X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-An expanded parking lot is not what city officials had in mind for 300 W. Washington St. However, the 36,000-sf lot will remain undeveloped, but used to park an additional 205 cars as it is used to connect a neighboring 33,000-sf property at 301 W. Randolph St.

Members of the plan commission recently recommended approval of Henry Crown & Co.’s latest plan for the West Loop property, which was rezoned in 1997 to allow for an office building. Even an environmentally friendly design was not enough to please 42nd Ward Alderman Burton Natarus.

“You promised us a building. Now you’re building a parking lot,” Natarus says. “This is no excuse for the landowner or developer not planning a beautiful building on this site.”

Attorney Jack Guthman responds market conditions make development of an office space unfeasible. In addition to double-digit vacancy rates, the West Loop is seeing its share of new office construction, particularly on nearby Wacker Drive. Also, his client did not have both parcels when an earlier development plan died because an anchor tenant could not be found, Guthman says.

“We’re trying to be good citizens with this,” Guthman adds. “We’d all rather have a building than a parking lot.”

When the market rebounds, Guthman notes Henry Crown & Co. has one of the last remaining development sites in the Loop.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.