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$500-Mil ABN Amro Plaza on Drawing Board for West Loop Block

CHICAGO-The Netherlands-based bank holding company proposes building two 30-story, 2.5-million-sf offices towers on a city block just west of the Richard Ogilvie Metra train terminal with city and state help.

By Mark Ruda | Updated on January 08, 2001

CHICAGO-A city block in the West Loop, one block west of Metra’s Richard Ogilvie Transportation Center terminal, will see a 2.5-million-sf, $500-million development by ABN Amro North America Inc. Although the international bank holding company will keep its headquarters at 135 S. LaSalle St., it is building ABN Amro Plaza to house high-tech administrative functions now performed in five buildings.

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.

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