Excerpts from chicagocurbed.com:
Rendering of high-rise with fire station. City of Chicago
The City of Chicago recently unveiled a bold plan to replace the long-standing Engine Co. 42 fire station in River North with a modern facility that will also include a high-rise mixed-use building above it. This initiative mirrors similar projects in other parts of the city, where public and private sectors collaborate to create new developments that serve both civic and commercial needs.
The current firehouse at 55 W. Illinois Street, which has been serving the community since 1968, is set to be replaced by a $20.2 million state-of-the-art station funded by local developer Friedman Properties. The old structure will then be demolished to make way for a towering development featuring up to 614,000 square feet of office and residential space. The design, created by Chicago-based DLR Group, is still in the final stages of refinement, though some preliminary renderings have already been shared.
A Memorandum of Understanding (MOU) between the city and Friedman outlines the terms of the deal, including a $5 million payment to acquire the site and an adjacent alley. Additionally, the developer could contribute up to $10 million into the Neighborhood Opportunity Bonus program, which helps fund development in underserved areas of the city. While the project is still in early stages, the city expects it to generate approximately $4.4 million annually in new real estate taxes once completed.
Before moving forward, the proposal must go through a series of approvals, including community meetings and reviews by the Chicago Plan Commission and City Council. Although the project is not yet finalized, it represents a unique opportunity to blend public infrastructure with urban development in one of the city’s most vibrant neighborhoods.
A conceptual (and poorly scanned) rendering from the MOU drafted by the city and Friedman. City of Chicago/DLR Group
thanks Austin & Dennis
Excerpts from chicagobusiness.com:
Developer Albert Friedman has reached an agreement with the City of Chicago to build a new firehouse for Engine Co. 42 in River North, topped by a large mixed-use tower. The project, which would replace the existing station at 55 W. Illinois St., is part of a rare public-private partnership that benefits both the city and the developer.
Friedman Properties plans to develop a 614,000-square-foot complex immediately west of the current firehouse. The new fire station, valued at $20.2 million, will be fully funded by the developer, while he will also pay the city $5 million for the land and an adjacent alley. The site, currently zoned DX-7 Downtown Mixed-Use, could allow for additional zoning rights, potentially leading to a $10 million contribution to the city's Neighborhood Opportunity Bonus program.
The project, designed by DLR Group, is expected to add to the growing skyline of River North, a neighborhood experiencing significant real estate activity. With strong demand for both residential and office spaces, Friedman sees a unique opportunity in this location. The city will now review competing proposals for the site over a 30-day period, as outlined in the MOU.
Friedman Properties emphasized its commitment to developing the area in a way that benefits the community, the Fire Department, and neighboring properties. “We look forward to working with all involved parties to advance this project,†the company stated in a press release.
This development marks another major move for Friedman, who has been active in the River North area for years. His recent projects include a three-hotel complex, several office buildings, and ongoing hotel developments across the neighborhood.
thanks Scott
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