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GlobeSt.com UPDATE: Panel Backs Conversion to Condos

CHICAGO-A valet parking system using car elevators raises some eyebrows, but city officials say the conversion of a 200,187-sf office building at 104 S. Michigan Ave. is better suited as 96 condominiums. After paying $22 million for the building, Monroe Building, LLC is planning to spend another $30 million.

By Mark Ruda | Updated on June 24, 2005

CHICAGO-Although parking may become an issue, city officials concede there is little alternative but to allow the Monroe Building to be converted to 96 condominiums. Developer Bob Horner is planning to spend $30 million on the 200,187-sf office and retail asset in the Historic Michigan Boulevard District, which his Monroe Building, LLC acquired for $22 million.

Although the second through fifth floors will have 80 spaces, the building at 104 S. Michigan Ave. will have a valet parking system involving a car elevator. Access to parking would be from an alley behind the building, from Monroe Street.

“This is a tough project,” says 42nd Ward Alderman Burton Natarus. “I don’t have any confidence in valets. None of the companies do a good job. I wish they did, but they don’t.” Natarus has long dealt with valet parking issues in his ward, particularly in River North where they are relied upon by restaurants and night clubs.

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