North Wells Capital is bullish on River North.
The asset management arm of Chicago-based developer Urban Innovations wants to build a 24-story office complex at 300-324 West Huron St., according to Crain’s. North Wells acquired the property in March for $16 million, following JFJ Development’s failed condo project there.
The tower could be up to 260,000 square feet, which would bring its development pipeline in River North to nearly half a million square feet.
North Wells CEO Jim Fox told Crain’s that the new complex will help it hold onto tech tenants that have outgrown the firm’s space in the past.
In April, North Wells requested a zoning change that would allow it to expand its existing office building at 308 West Erie Street, as well as build a new 15-story, 162,000-square-foot building at 301 West Huron Street.
The firm also has a pending proposal to add about 86,000 square feet of combined retail and office space to the seven-story loft office building and adjacent parking lot at 308 West Erie, which it bought for $13 million in 2017.
The developer already owns 10 low-rise office buildings north of Hubbard Street and west of Wells Street in River North, the city’s tightest office submarket. [Crain’s] — Kevin Sun