R2 Cos. and T2 Investments plan 13-story office tower in Evanston

The venture bought the former city-owned parking lot on Chicago Avenue for $4M

1714-1720 Chicago Avenue
1714-1720 Chicago Avenue

A venture that includes R2 Companies and Wheaton-based T2 Investments wants to develop a 13-story office tower in Evanston.

Plans submitted to the city detail a building with nine floors of office space over four floors of parking at 1714-1720 Chicago Avenue, according to Evanston now.

Paul Janicki Architects is listed in the plans as requesting the zoning change for the project, but the documents list Chicago-based R2 and Wheaton-based T2 as the owners. Janicki’s Evanston-based firm is listed on floor plans for the building along with R2 and Chicago-based Holabird & Root.

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The city sold the developer the property, a former city-owned parking lot next to the Evanston library, for $4 million last year.

A consultant to the developer says the Class A office market in Evanston now has a vacancy rate of less than 5 percent.

A venture of Chicago-based GEM Realty recently agreed to buy a majority stake in another big Evanston office tower, the 20-story Orrington Plaza at 1603 Orrington Avenue, from Investcorp.  [Evanston Now] — John O’Brien