The John Buck Co. hopes to begin demolition early next year on a$500 million project to remake five square blocks near North MichiganAvenue, after a city panel's endorsement Monday.
The Chicago Plan Commission voted 7-1 to recommend the project,which would bring such notable names as Nordstrom and VirginEntertainment Megastore, more than 900 hotel rooms and 1,200 parkingspaces to an area tagged North Bridge. It is expected to generateannual tax revenue of $44.8 million and 2,400 permanent jobs.
"This will become a real anchor on North Michigan Avenue," saiddeveloper John Buck, who has worked the last 10 years to lureNordstrom to the Magnificent Mile.Developing the area roughly bordered by Ohio, Illinois, Stateand North Michigan is expected to act as a bridge linking River Northand the Magnificent Mile. Additional retail-hotel-office projectsthat others have proposed east of North Michigan could create abooming commercial corridor stretching to Navy Pier.Increased pedestrian and street traffic, and downright gridlock,is likely to occur at key intersections."All of these developments are in the same east-west corridor,"said Sally Park, president of the Streeterville Organization ofActive Residents, a community group that represents 20,000 residents."We think no one project should go forward until the city has in handa careful transportation plan. When people purchase homes or rentapartments in the Streeterville area, it's because of the vitality ofthe area. But the character has to be maintained, and whendevelopment comes, it should enhance."Ald. Burton Natarus (42nd), who supports the project in hisward, acknowledged that some architects and preservationists "dreadthis move" despite the compromises made."I believe the overall impact of this development will be goodfor the city of Chicago," Natarus said. "This whole project is goingto cause an economic and aesthetic effect like nobody's seen."At least 100 retailers are looking for space along NorthMichigan Avenue, said Russ Salzman, chairman of the Greater NorthMichigan Avenue Association. "The capacity of this business districtis growing with this development," Salzman said. "We anticipate theeconomic strength of this project will support existing economicdevelopment as well as bring new business to the neighborhood."To get his project approved, Buck agreed to form a nonprofitcorporation to design and operate a shuttle and remote parking systemfor the area. He'll also improve the pedestrian corridors alongGrand and Illinois and build an enclosed staircase and elevatorlinking lower Grand to upper North Michigan through a shopping atriumat 520 N. Michigan. The subway entrance on the northeast corner ofGrand and State will be moved into the arcade of a Hilton hotelplanned for the corner.The Nordstrom store, which will open Sept. 22, 2000, is thedevelopment's centerpiece. The chain will open a260,000-square-foot, five-story store in the block bordered by Grand,Illinois, Wabash and Rush, connected to North Michigan Avenue by a98-foot-wide public atrium over Rush Street. The building would beable to accommodate a sixth foor for future expansion, and a garagebelow would hold 202 cars.The most controversial facet is also the most complicated. Afour-level shopping mall and a 310-room, 12-story hotel will beconstructed on the block that contains the McGraw-Hill building at520 N. Michigan. Because the art-deco McGraw-Hill was designated acity landmark after a protracted fight with Buck, Buck will dismantlepart of the building's facade, piece by piece, and reconstruct it onthe new building.First, a mold will be taken of the building, because Buckanticipates some of the aged limestone will crumble. The finaldesign is likely to be a combination of original and replica pieces,Buck said.Buck already has begun interior renovation of the Marriott tocreate 3,500 square feet of retail space for Virgin at Ohio and NorthMichigan and another retailer at Grand and North Michigan. Inaddition, green stone will replace the windowless exterior concretewalls on the first two floors.Just west of the Marriott will be Disney Quest, a Walt DisneyCo. theme park, a 278-room extended-stay hotel and more retail andoffice space.Grand Avenue between State and Wabash will be home to a 357-roomHilton Gardens Hotel and a 965-space parking garage.Another 900 parking spaces will be developed in the area byanother company.Following months of negotiation between the city and Buck, theplan is expected to receive the blessing of the city's zoningcommittee Thursday and the City Council Dec. 10. The price of airrights over Rush Street that Buck needs to acquire from the city willbe not decided until next year, a Planning Department spokesman said.
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