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Alter Group in High-Tech Development Push

CHICAGO-Developer says it expects to be breaking ground in 2001 on another 17-story high-tech office building in River North. Sources say Alter Group will soon be unveiling a major high-tech development partnership in conjunction with other developers and financial interests.

By Ted Jackson | Updated on October 09, 2000

CHICAGO-In order to meet unfilled demand from its recently completed Dearborn Plaza high-tech office building in River North, Alter Group executives say they plan to begin developing a 28,000-sf parcel just two blocks away at Clark and Illinois streets as early as 2001. Seperately, sources say that Alter Group will soon be making a major investment in a big, high-tech development initiative in conjunction with other developers and various financial interests.

“There is a lot of unfilled demand from Dearborn Plaza that we’d like to meet,” says Matt Ward, vice president at Alter Group, which is based here. “We own a 28,000-sf parcel just two blocks away at Illinois and Clark. We are going to duplicate the type of facility we built at Dearborn Plaza at the site, probably in 2001.” While the proposed-development is still in the very earliest planning stages, Ward estimates that the new building will be 17-stories and cost anywhere from $80 million to $100 million to build.

Ward refused to comment on growing speculation that Alter Group will be joining a partnership of developers and financial interests in a major high-tech development initiative. Sources say, however, that Alter Group’s participation in the partnership will represent a major investment on the developer’s part.

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