The Chicago Plan Commission on Thursday endorsed construction of acombined office and residential high-rise on Wacker Drive that wouldbecome Chicago's eighth-tallest building.
The commission backed a proposal from the engineering and designfirm Teng & Associates Inc. for a 69-story building at 111 W. Wacker,the southwest corner of Wacker and Clark. At 867 feet, the buildingwould place behind the 900 N. Michigan tower and ahead of Water TowerPlace in the city's height standings.
But its greater significance could be as competition for theproposed Trump Tower Chicago just four blocks away at 401 N. Wabash,the home of the Sun-Times building. A venture of New York developerDonald Trump and Hollinger International, owner of the Sun-Times, hasproposed an 86-story building that measures 1,125 feet, good forfourth place in Chicago.
Although the Trump project would be much larger, both buildingshave large office components and floors devoted to luxury residentialunits with premium views along the Chicago River. Trump already hashis city approvals, while 111 W. Wacker still must pass through theCity Council.
Trump has no tenants committed to his project, but 111 W. Wackerhas one, its own developer. Teng told real estate agents it plans tomove into the building from its current headquarters at 205 N.Michigan.
The building would hold 320,000 square feet of offices on floors10 to 24. Above that base and taking a more slender form would be thefloors for 240 residential units. The lower floors and someunderground space would hold parking for 512 cars, a large allotmentintended to provide some public parking as well as serve theresidents and office workers.
The plan commission, which must approve large-scale developmentsbefore they come before the City Council, agreed to change zoning onthe property so Teng could build a larger building than the currentzoning allows. In exchange, Teng agreed to provide public amenitiessuch as a winter garden and landscaped terrace with a river overlook.
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