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Commission Endorses $600M Mixed-Use Plan for River North Block

CHICAGO-Already in the market for $300 million to build a 1.1-million-sf office building at 351 N. Clark St., developers Richard Stein and Albert Friedman will likely need that much to build 300-unit condominium tower and 525-room hotel on nearly three acres to the north.

By Mark Ruda | Updated on February 21, 2006

CHICAGO-One of the last, large vacant land parcels left in River North is poised for a 2.2-million-sf mixed-use development. The $600-million-plus project will include a 300-unit condominium tower at 63 W. Hubbard St. with 35,000 sf of retail space, a 525-room hotel at 400 N. Dearborn St. in addition to a 42-story, 1.1-million-sf office building at 351 N. Clark St.

The developer, Kinzie Development South, LLC, is seeking zoning changes that would let it build an office building 62% larger than currently allowed, while the proposed condominium and hotel portion of the project is 48% larger than allowed. However, Kinzie Development South is earning density bonuses for public parks, underground parking and upper-level setbacks. Existing zoning under a planned development approved in the 1980s allow a 300,000-sf office building, 340-room hotel with 100,000 sf of retail and office space. The project was endorsed by the plan commission.

The office building already is 68% leased, notes Richard Stein, part of the development team. His Mesirow Stein Real Estate Inc. and law firm Jenner & Block will co-anchor the building. Work on the office building is scheduled to begin in September, he adds, while Jones Lang LaSalle continues to raise the more than $300 million needed to construct the building. “We hope to be opening a sales office (for condominiums) in 90 to 120 days on the north lot,” Stein says.

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