March 25, 2019
With final city approvals for its Lincoln Yards mega-project in sight, Sterling Bay has proposed a 47-story residential and hotel tower along the so-called Millennium Mile. Crain’s Chicago Business and the Chicago Tribune both reported the proposal this past weekend.
The tower at 300 N. Michigan Ave. would be built on the site of a vacant four-story building that Sterling Bay has owned since acquiring a delinquent loan on the property in 2013. It would contain 280 hotel rooms and 290 residential units.
In a newsletter to constituents, Ald. Brendan Reilly reported that the development would also include about 25,000 square feet of retail space on two levels. It has the backing of the Chicago Loop Alliance, but would need to go through the approvals process.
The proposed development would be built along a stretch of Michigan Avenue that has become a tourist destination, supplementing the Magnificent Mile to the north.
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