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 historic Engine Co. 42 firehouse in River North with a modern facility that will be topped by a mixed-use high-rise. This initiative follows a similar strategy used in other neighborhoods, where public and private interests collaborate on projects that combine essential civic services with commercial development.
The current station at 55 W. Illinois Street, which has served the community since 1968, is set to be demolished to make way for a new $20.2 million firehouse funded by local developer Friedman Properties. The site will then be redeveloped into a towering structure featuring up to 614,000 square feet of office and residential space, designed by the Chicago-based firm DLR Group.
Although the Memorandum of Understanding (MOU) between the city and Friedman includes a low-resolution image of the proposed tower, the final design is still under discussion. The city is also open to receiving alternative proposals from other developers during a 30-day window after the terms of the deal are made public.
Under the agreement, Friedman would pay $5 million for the existing firehouse and an adjacent alley, and potentially up to $10 million into the Neighborhood Opportunity Bonus program, which supports development in underserved areas. The project is expected to generate approximately $4.4 million annually in new real estate taxes for the city.
Despite the excitement around the proposal, no official approvals have been granted yet. The project must go through standard processes, including community engagement and review by the Chicago Plan Commission and City Council.
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 a deal with the City of Chicago to construct a new firehouse for Engine Co. 42 in River North, which will be followed by a large mixed-use high-rise. The project, which is expected to cover 614,000 square feet, will be built immediately west of the current station at 55 W. Illinois St., which will be replaced.
This unique public-private partnership allows the city to get a modern fire station while giving Friedman a prime opportunity for commercial development. As one of the largest landlords in the area, Friedman has previously developed major projects, such as a three-hotel complex just north of the fire station.
The new tower, designed by DLR Group, will contribute to the growing skyline of River North, a neighborhood experiencing strong demand for both residential and office spaces. With less competition for office tenants, Friedman sees this as a strategic move.
Friedman Properties, led by chairman and CEO Albert Friedman, stated that they are committed to developing the property in a way that benefits the city, the fire department, and surrounding communities. They are currently working with all involved parties to advance the project.
The city and Friedman have signed a memorandum of understanding, and the city will accept competing bids for the site for 30 days. Under the agreement, Friedman will build and fund the new firehouse and pay the city $5 million for the existing site. He will also contribute $10 million to the Neighborhood Opportunity Bonus program.
Local officials, including Alderman Brendan Reilly, have praised the potential of the project, calling it a unique opportunity to enhance a key location while supporting the city's first responders.
thanks Scott
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