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Minneapolis==>Chicago
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umping into an already competitive field of downtown office developments, a West Loop landlord unveiled plans for a 41-story tower that would include a four-star hotel topped by office space.

Joseph Mizrachi, who led a group of investors that bought the 1.1 million-square-foot office tower at 540 W. Madison St. in December 2012, heads a venture to develop land on the west side of the 23-story building. The site was part of the $350 million acquisition.

Mizrachi's Third Millennium Partners hopes to start work as soon at the second quarter of next year on the project at 590 W. Madison St., which Crain's previously reported was in the works. Designed by Goettsch Partners, the 1.2 million-square-foot building is expected to cost about $400 million, estimated Mizrachi, who's based in Boca Raton, Fla.

He plans a 350-room, four-star hotel topped by about 600,000 square feet of offices, said Mark Gunderson, an executive vice president at Chicago-based brokerage J.F. McKinney & Associates, which is seeking tenants to lease the office space and launch the development.
http://www.chicagobusiness.com/realestate/20141203/CRED03/141209916/41-story-office-and-hotel-tower-planned-in-west-loop

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Whiskey Tango Foxtrot
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New Renderings Emerge for West Loop Hotel & Office Highrise



When news broke late last year that a Goettsch-designed hotel and office tower was coming along to replace the parking lot at 590 West Madison, the story came with a single image of the building. Over the weekend, a handful of new renderings of the project along with a stacking plan showing that 11 floors will be devoted to hotel rooms surfaced on the SkyscraperPage forums. The plans also show that the 581-foot tower will also come along with a restaurant at both the top and bottom floors. The project also has a new website which reveals that the 300,000 square foot hotel component will feature about 330 rooms. In addition to its hotel component, the 41 story tower will offer 616,000 square feet of office space beginning at the 19th floor.








 

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Whiskey Tango Foxtrot
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Holding on...

Proposed West Loop Hotel/Office Tower Needs a Partner



Plans to build a 44-story mixed-use hotel/office tower appear to be in a state of limbo until the developer can land a major tenant. The proposed building at 590 W. Madison first broke cover in in late 2014 and hopes to add 330 hotel rooms, a rooftop restaurant, and 616,000 square feet of office space to the western edge of the Central Business District between the Chicago River and Kennedy Expressway. Proposed by Florida-based Third Millennium Properties and designed by Chicago's Goettsch Partners, the 582-foot tower would become Chicago's tallest building west of Clinton Street if built. While the project has a hotel partner on board, the building was not going to move forward without a major office space commitment, according to a conversation Joseph Mizrachi of Third Millennium Properties had with Crain's earlier this month.

Work started?



Because the location was originally approved as a twin of ABN AMRO Plaza at 540 W. Madison (also owned by Third Millennium), zoning and other entitlements for 590 W. Madison were already in place. When the original plan evolved into Goettsch's taller design, the city allowed the project to proceed without reapplying for approvals -- provided construction started before mid September of 2015. Many development watchers were excited to see fencing go up at the north end of the site along Washington and Jefferson and demolition begin on a portion of the surface parking lot. Excitement turned to confusion when, instead of foundation equipment, mature trees arrived on the site. As it turns out, work had only commenced on a small pocket park included in the site plan. While no work on the actual building had taken place, the park landscaping was deemed sufficient to keep zoning intact past the city's exploding September, 2015 deadline. Without an anchor tenant signed to its office portion, it's unclear how soon a deal can be announced and work on 590 W. Madison can begin in earnest.

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