http://www.chicagobusiness.com/realestate/20141203/CRED03/141209916/41-story-office-and-hotel-tower-planned-in-west-loopumping 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.