Chicago may have its own Realtor Plaza in the not-too-distant future, modeled on New York’s iconic landmark, Rockefeller Center. Cheers and applause followed a vote by the board of directors of the National Association of Realtors today in which the board approved a redevelopment project for the trade group’s Chicago headquarters at 430 North Michigan Ave.
The project would involve demolishing the existing building, which is more than a half-century old, and combining it with an adjoining parcel to create a mixed-use development that would include retail, condominiums, a flagship hotel, and office space. NAR currently has a nonbinding understanding with a partner to build the project.
The trade group’s leaders declined to name the partner at today’s meeting. Pamela Monroe, chair of NAR’s Real Property Operations Committee, said the unidentified entity is “a world-class partner with premium credentials” that is “very private” and “extremely well-capitalized.”
“Our No. 1 priority is to maintain a permanent high-quality, high-productive work environment of which members and staff can be proud,” Monroe said, adding that other priorities include opportunities for branding and a return on investment.
NAR Treasurer Bill Armstrong noted that he and NAR CEO Dale Stinton had been in discussions with the partner for “a long time,” but had been prohibited from mentioning the project to members due to nondisclosure agreements.
The partner, which has “billions to invest,” proposed a 93-story, 2 million-square-foot building that would be a “Rockefeller Center-type venue,” Armstrong said.“This is one really exciting project we are trying to look into. The economics are very,very good,” he added.
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