More important to city and state officials, the two 30-story towers keeps 1,500 jobs here, as well as holding the potential to bring in another 500 to a site bounded by Madison, Clinton and Jefferson Streets as well as Washington Blvd. "Not only will it bring job opportunities with ABN AMRO, but it will also generate more jobs for our community through the enhancement of other businesses in the area," says 27th Ward Alderman Walter Burnett, Jr.
However, the bank warned the project hinges on receiving city and state money. From the state, the bank seeks Economic Development for a Growing Economy money as well as High Impact Business designation. EDGE money allows corporations to claim credits on their state income taxes based on the amount of individual income taxes its employees pay, says Brian Reardon, spokesman for the Illinois Department of Commerce and Community Affairs, while HIB designation allows them to save on the cost of building materials.Obtaining EDGE tax credits should be no problem, Reardon says. "They've qualified for all the criteria for EDGE," Reardon tells GlobeSt.com. "We see that as not only being revenue neutral for the state, but a revenue enhancer," he notes, adding that EDGE money has helped stemmed the tide of development and jobs from crossing the state line.
From the city, the bank wants tax incremental financing money. Although ABN AMRO's TIF application had yet to arrive at city hall late Monday afternoon, the bank is likely to receive a freeze on its property taxes on the site. "We are very excited about the project," Pete Scales, spokesman for the department of planning and development, tells GlobeSt.com. "The project further anchors the West Loop as a thriving commercial district. We're very excited to have them stay, and we look forward to talking with them about this fantastic, high-tech tower."
Besides saving money by consolidating operations in one site, the project also is driven by technology needs of the Netherlands-based bank, which locally, owns LaSalle Bank. "ABN AMRO North America and LaSalle Bank need additional high-tech space to support technology, " says Norman R. Bobins, chairman, president and CEO of LaSalle Bank.
DeStefano and Partners beat out at least three other Chicago architectural firms for the right to design the triangular, futuristic office towers rising from what is now a parking lot. "It's a little more than a spec office building," says management principal Ray Clark, whose firm's projects have included Dearborn Center, Dearborn Plaza and 77 W. Wacker Dr. "It's certainly more challenging with respect to the internal functioning systems. We'll be taking a lot of guidance from the bank."
In addition to designing a building that can support sophisticated computer and telecommunications technology, Clark says the firm's challenge will be anticipating ABN Amro's future needs for the space. "They want to look at all of their business operations as tech-evolved," Clark notes. "The building has to have that capability." Hines Interests will be program manager for the project, which is expected to be completed in 2003.
Besides headquarters at 135 S. LaSalle, ABN Amro's administrative functions are performed at leased space at 120 S. LaSalle, 208 S. LaSalle and 200 W. Monroe, as well as at a building the bank owns at 79 W. Monroe.
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