October 22, 2018 Comments Off on 3 Mega-Projects Advance in Approvals Process Views: 1385 Chicago News, Downtown

3 Mega-Projects Advance in Approvals Process

In an unusually busy session for mega-projects, the Chicago Plan Commission signed off late last week on Lendlease and Magellan Development’s Lakeshore East (pictured), and two other large-scale plans. All three will need final approval from the City Council, which is typically a formality following the commission’s nod, the Chicago Tribune reported.

Also winning approval from the CPC were Tribune Media’s plan to build as many as 14 mixed-use towers on riverfront land north of downtown, currently home to the Chicago Tribune’s printing plant; and Riverside Investment & Development’s proposal to build a 1.5-million-square-foot office tower next to Union Station.

In total, the three projects would add nearly 7,000 residential units, more than two million square feet of office and nearly 1,000 hotel rooms to Chicago’s inventory. Still working their way through the approvals timeline are several other large-scale projects, including Related Midwest’s ambitious The 78 and Sterling Bay’s Lincoln Yards.

Get to know us and Chicago’s commercial real estate elite at Connect Media’s Chicago launch event, scheduled for Nov. 8.

Read more at Chicago Tribune

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