It's been just over a month since news surfaced of plans by J. Paul Beitler and Next Realty to construct a new Loop office tower at 200 W. Randolph. Fresh on the heels of that announcement, Ald. Brendan Reilly hosted a public meeting to discuss the project. The $140M development, which complies with existing zoning, is being submitted as of right, not as a Planned Development (PD). Beitler is betting that his modestly-scaled, 23-story tower stands a better chance of securing a loan at a time when credit is still tight and demand for new downtown office space relatively low. Also, the more compressed timetable for building a shorter tower could allow him to deliver space a full year ahead of a much more ambitious office tower going up at 444 W. Lake.
Architect James DeStefano of Lothan Van Hook DeStefano Architecture designed the all-glass structure to have a bright and airy presence at Randolph and Wells. One of its signature elements: a massive glass sculpture by renowned artist Dale Chihuly to be displayed in the building's lobby. Chihuly has also been commissioned to paint a series of glass panels that will be assembled into a dramatic glass wall on the south facade. Landscaping is also planned, including seasonal plantings and foliage along Wells that will help neutralize the elevated train tracks. The building, already well-served by transit, will contain 135 parking spaces spread out on the first three levels. All loading and egress will be located on Couch Place to minimize pedestrian impacts. Once an anchor tenant is landed, construction could take 16-18 months, with delivery expected by 2015. Check back!
·Venture Seeks 23-Story Office Tower for Wells & Randolph [Curbed Chicago]
·The Loop's first office building since 2010 may come with white marble and Chihuly glass [Sun-Times]
·200 W. Randolph [Official Site]
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