Sterling Bay is proposing plans for a new skyscraper to be built at 300 N. Michigan Avenue. The project will entail a 47 story mixed-use tower that would include 280 hotel rooms and 290 residential units per Crain's Chicago Business. The high-rise would replace a vacant four-story building Sterling Bay owns at the corner of Michigan and East Wacker Place.
The developer bought a delinquent loan on the vacant building six years ago and the property has deteriorated since then after previous tenants Subway, RadioShack and Walgreens all moved out.
The proposed building which will be 523 feet tall will include a hotel on 10 floors in the lower portion of the tower and 29 floors of residential units on the upper floors.
Sterling Bay is one of the city's busiest developers and has acquired quite a reputation as an office redevelopment specialist in the West Loop and Fulton Market District and has only recently purchased trophy office properties.
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Now Sterling Bay is awaiting approval from City Council for his $6 billion Lincoln Yards megaproject which will be located along the North Branch of the Chicago River.
Properties that have opened along this stretch of Michigan Avenue over the past few years include the Chicago Athletic Association and Hotel Julian, the LondonHouse Hotel, and the Hard Rock hotel which was rebranded as the St. Jane Hotel.
Alderman Reilly stated in a recent newsletter that Sterling Bay's plan for the new tower would include 25,000 square feet of retail space on two levels fronting Michigan Avenue and residential amenity space on the fifth and 46th floors. There would also be 26 parking spaces and 48 bike parking spaces below ground.
Chicago based Magellan Development Group is listed as a partner on this project which was designed by bKL Architecture.
