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Sterling Bay turns its attention to Michigan Avenue, plans hotel/resi tower
The prolific developer is adding 47-story building to growing list of projects that includes Lincoln Yards, Fulton Market developments
As it works to push Lincoln Yards over the finish line and continues its transformation of Fulton Market, Sterling Bay is now adding a Michigan Avenue tower to its list of priorities.
The prolific Chicago developer is partnering with Magellan Development Group and Wanxiang America Real Estate Group on the plan for a 47-story residential and hotel building at 300 North Michigan Avenue, according to the Chicago Tribune.
The long-awaited project, which has been discussed for two years, would replace a four-story brick building. The proposal includes 280 hotel rooms, topped by 290 residential units, built atop a broader podium with 25,000 square feet of retail space, Alderman Brendan Reilly said.
The Chicago Loop Alliance and the Magnificent Mile Association have given the project their OK, but it still must win official city approval. Reilly said he’s reviewing the project and soliciting community input on it.
Sterling Bay has a lot on its plate right now, including trying to win final approval for a TIF district around Lincoln Yards, the final hurdle for the $6 billion megadevelopment on the North Branch of the Chicago River. It also has a number of projects under construction or in the pipeline in Fulton Market.
Magellan, meanwhile, is working with Lendlease on filling out the Lakeshore East neighborhood with several towers and wrapping up the massive Vista Tower skyscraper.
Wanxiang, the Chicago-based real estate investment branch of a Chinese auto parts empire, recently replaced Sterling Bay as a partner on the One Chicago Square development in River North, one of several Chicago projects it has a stake in. [Chicago Tribune] — John O’Brien