In the 42nd ward, two recent skyscraper proposals are on a path to make it or break it: while one developer is close to an agreement with the city to build what would become the second-tallest building, another has been told by the local alderman that they have a lot more work to do before he gives them the OK to move forward.
According to Crain’s, Ald. Brendan Reilly (42nd Ward) said the city is “very close” to a deal with developer Golub and its partner, CIM Group, to build a proposed 1,422-foot skyscraper next to the Tribune Tower, which the partnership is currently developing into condos. The developers recently proposed added plans to mitigate traffic through a “cut-through” under the building in Streeterville, Crian’s reported.
They will probably solidify a deal with the city in the next couple of months, Reilly said.
But another development project in the neighborhood is not quite there yet, Reilly told Crain’s. In May 2018, Related Midwest proposed a two-tower project at the Spire site on 400 N. Lake Shore Drive, with one tower rising to 1,100 feet and the other rising 850 feet. Reilly told the firm they had to lower the building’s podium and take out a plan to include a hotel for him to consider approving the project.
Recently, Related Midwest asked the city for their plans back to make changes, according to Crain’s. It will probably be a couple of months before the changes made in the proposal will be available for review, Reilly told Crain’s.
The initial plan for the Spire, proposed over 15 years ago, called for a 2,000-foot-tall luxury condo designed by Santiago Calatrava. Related Midwest acquired the site in 2014 after the prior development plans went belly-up.