Hi! I saw an article on CityFront Plaza from the today's Tribune:
3 towers in Streeterville taking over from the hulk
By John Handley
Tribune staff reporter
Published April 22, 2005
The concrete hulk stood empty and unfinished for more than two years, a stark reminder of the perils of real estate development.
Just a block east of the Magnificent Mile, the eyesore was supposed to be a parking garage for Grand Pier Center, a $375 million, mixed-use project. But financial problems stalled construction of the project in June 2001.
Now, another developer is picking up the pieces and has revealed plans to jump-start the project and build three residential towers with approximately 1,000 units at the Streeterville site, bounded by Grand Avenue, Columbus Drive and Illinois and St. Clair Streets.
Chicago-based Centrum Properties Inc. acquired the site from Lehman Brothers in December, and has been reworking plans for the massive project.
John McLinden, partner in Centrum, the new developer, said the three slender buildings will be 31, 65 and 40 stories.
The first tower will be built over the existing parking garage, which has been finished, and also will house a 55,000-square-foot Dominick's supermarket. It will total 31 stories.
"The project has been renamed CityFront Plaza to rebrand its image and sever the ties with the past," McLinden said.
The trio of high-rises, an $800 million project designed by Chicago-based architects Destefano and Partners, should be completed in six years, McLinden said.
"This is an important site that will be visible from Michigan Avenue," he added.
The first building, named the Fairbanks, will have 281 condos priced from the mid-$300,000s to more than $2 million. A sales center will open in June. Construction should begin by the first quarter of next year, McLinden said.
The original project by developer Raymond Chin was planned for a 480-room hotel over the garage and a separate condo tower with 538 units.
"We scrapped the old development plan. It just didn't make sense," McLinden said. "Our new vision is completely different."
He said planning for CityFront Plaza is in the final stages and should be completed soon.
The existing parking garage, designed for 750 cars, will be modified. Part of its six floors will be converted into 42 loft condos, McLinden said.
The main access to CityFront Plaza will be on upper Illinois Street, which runs between Michigan and Columbus. Four restaurants are planned on Illinois in the three new buildings. "They will create new street life," McLinden said.
The Fairbanks will have an outdoor swimming pool, fitness center and media room.
A boutique hotel and spa will be located in the second building. When complete, the project will have parking for 1,300 cars.
CityFront Plaza is just one of several residential high-rises planned for the Streeterville neighborhood between Michigan and Lake Shore Drive, north of the Chicago River.
"Some 3,500 new residential units are planned for the area," said Daniel McLean, president of MCL Cos., a pioneer in Streeterville development. "So far, the market has been good," he added.
Even with the boom in new residential projects, real estate analyst Gail Lissner does not expect a glut.
"In the last 15 years Streeterville has been somewhat ignored by developers while other downtown areas have been developed with new residential. Now Streeterville's time has come. The new projects should gain market acceptance. There should be no glut," said Lissner, vice president of Chicago-based Appraisal Research Counselors.
Lissner said the Centrum project has the advantage of having a direct link to the Magnificent Mile on upper Illinois Street. "Every residential developer wants to be as close to Michigan Avenue as possible," she said.
