Not All Jump Aboard 'Plan for Urban Greatness'

CHICAGO-The North Michigan Avenue office market needs transportation links from Metra’s two major commuter rail terminals to keep pace with other submarkets, the plan commission was told late last week. While transportation is a key piece of the Central Area Plan adopted by the plan commission, some argue the proposed underground bus routes and West Loop Transportation Center under Clinton Street benefit the Downtown area at the expense of underserved outlying neighborhoods.

The plan, the first for Downtown in 45 years, attempts to plan for up to 40 million sf of new office space, 7 million sf of retail space and 40,000 new multifamily units expected to be added to the market during the next 20 years. “This is no little plan,” says department of planning and development commissioner Alicia Berg. “This is a plan for urban greatness.”

Greater North Michigan Avenue Association board member Lynn Osgood notes her group has seen its share of the Downtown office market shrivel from 14% to 10%, losing 500,000 sf while other submarkets grew. U.S. Equities Realty reports North Michigan Avenue’s 8.8% vacancy rate is the best Downtown, but the submarket’s 13.8 million sf surpasses only River North (9.6 million sf) and the emerging South Loop (1.9 million sf).