Jan
26

Developers Planning Ambitious Office Tower and Park Plan in the West Loop

January 26, 2013

444 michigan imageWe’ve been giving the West Loop a lot of attention lately, but it’s for a well-deserved reason. The neighborhood now boasts a Class A status and is experiencing a small revival in condo construction.

Now, in the latest West Loop news, Steve Fifield of Chicago-based Fifield and Cos and architect Scott Sarver are planning on capping the part of the Kennedy Expressway between Washington and Adams streets. The project will span three blocks and will include eight to 12 acres of public park space. Sarver is also designing two 20-story office towers, which will feature modern lobbies resembling luxury hotels, to be built at 601-625 W. Monroe St.

The project will cost an estimated $45 million and would be funded by tax-increment financing from the city of Chicago. However, the developers hope that ultimately the project will encourage more tenants to move into the West Loop area and boost tax revenue.

A recent report from the U.S. Census Bureau revealed that Chicago experienced the largest increase in its downtown population when compared with any other U.S. city, and major new construction projects in sought-after downtown locations are a great way to encourage this trend.

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