A development team will take over the building, with the state retaining about a 30% ownership.
Gov. J.B. Pritzker picked a development team that will take over the James R. Thompson Center in the Loop, favoring a plan that would preserve the 17-story building.
Pritzker chose a proposal from a group led by Michael Reschke, chairman of Prime Group, a longtime developer in the region. His plan calls for preserving the building as a mixed-use property, with the state retaining about a 30% ownership.
Reschke will pay $70 million upfront and the state will retain some offices in the Thompson Center.
State officials had received proposals from two groups vying for the building.
Pritzker said the $70 million sale was made with “the blessing” of the late former Gov. Jim Thompson’s family, and that the governor’s office “will be looking to determine another opportunity to honor his tremendous legacy for this state.”
Reschke said he expects the sale to close within six months and construction on the renovation to start within a year.
Reschke said members of the development group initially “were a bit cynical, because of the reputation the building had. But we took a very hard, conscientious look at the opportunity to make further investment in LaSalle Street, for the benefit of local businesses, the city in the state.”
The former home of state government in Chicago was designed by the internationally acclaimed architect Helmut Jahn, who died in May. Preservationists have argued that the Thompson Center, with its soaring atrium and generous public space, is a postmodern landmark and that keeping it would honor Jahn’s contributions in his hometown.
Detractors regard the design as dated and inefficient. Pritzker was in their ranks. His administration has repeatedly called the building “oversized, outdated and expensive,” estimating it would require $325 million in repairs. The state skimped on maintenance over the years and experts said it cut corners during construction, such as rejecting double-pane glass for single-pane.
Pritzker has said the building never lived up to Jahn’s “creative genius.”
In offering the site via a “request for proposals,” the administration chose a flexible process that let it consider several factors, such as quality of design, rather than being forced to take the highest bid.
The City Council has rezoned the Thompson Center’s full-block site, at 100 W. Randolph St., so a high-rise could be built there. The state could realize a higher price for the property from a buyer who wants to tear it down and start over, but trends in the market could make that investment risky.
The Illinois Historic Sites Advisory Council, a state agency, recommended in June that the Thompson Center be nominated for the National Register of Historic Places. The decision was nonbinding on the Pritzker administration, which has not forwarded the nomination to the federal government.
The Thompson Center opened in 1985. State offices are being moved to 555 W. Monroe St.
Preserving the building will be hailed by architectural enthusiasts, who were critical of Pritzker’s original inclination to seek top dollar for the building, which increases the chances for a teardown.
from Chicago Sun-Times - All https://ift.tt/3q21SKC
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