Golub and CIM Group’s plan for the second-tallest tower in Chicago is facing a critical vote next week — still on despite the pandemic — which could propel the project forward.
The developers’ 1,442-foot condo-and-hotel proposal will go before the city Plan Commission on April 30, and if approved would likely move it to the City Council for a final vote, according to Crain’s.
The project for 421-451 N. Michigan Ave. in Streeterville also includes a redevelopment of Tribune Tower, which is underway and stands next to the skyscraper site. That involves turning the 36-story former newspaper headquarters into a luxury condo development. Golub and CIM have planned 162 condo units, ranging from $700,000 to $7.6 million at the historic property.
For the 113-story Tribune Tower East, plans call for 439 rental units, 125 condos and 200 hotel rooms. Below street level would be just under 11,000 square feet of retail space and 430 parking spaces accessible from lower-level streets.
Zoning allows for 1.6 million square feet on the full site. CIM and Golub’s plans call for about 2 million square feet, and they plan to “buy” permission for the extra space by paying about $14 million into a commercial development fund.
The project has been criticized by local residents for its scope and what they say will be the added congestion to the surrounding area. A revised version of the project addressed residents’ concerns, the developers said.
The tower would displace Trump Tower — 1,389 feet — as the city’s second tallest, and would rank behind only the Willis Tower, which rises 1,451 feet. [Crain’s] — Alexi Friedman