Members of the plan commission recently recommended approval ofHenry Crown & Co.'s latest plan for the West Loop property,which was rezoned in 1997 to allow for an office building. Even anenvironmentally friendly design was not enough to please 42nd WardAlderman 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 notplanning a beautiful building on this site."
Attorney Jack Guthman responds market conditions makedevelopment of an office space unfeasible. In addition todouble-digit vacancy rates, the West Loop is seeing its share ofnew office construction, particularly on nearby Wacker Drive. Also,his client did not have both parcels when an earlier developmentplan died because an anchor tenant could not be found, Guthmansays.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
