A proposed twin-tower, 48-storey office complex to be designed by Kohn Pederson Fox Associates for local developer and CEO of MB Real Estate, John Murphy, is set to take up an entire block along 301-321 South Wacker Drive at the edge of the Chicago Loop financial district. With an estimated price tag of $800 million, the massive new development would bring a total of 2.4 million square feet of state-of-the-art office space to central Chicago, within steps of the iconic Willis (formerly Sears) Tower, on a parcel of land situated along the banks of the scenic Chicago River.
Viewed in the image above, the identical twin towers would each become home to 1.2 million square feet of office space, where the new development would replace a long-standing parking lot. Arriving at a moment when downtown vacancy rates have plunged to a 16-year low, the new development could not be better timed as the hunger for new office space within the core is at an all-time high. While it will yet be some time before tenants are named and construction begins, the development is ready to proceed, with a completion date of 2018 at the earliest more than likely.
SkyriseCities will be sure to return to this project as details continue to emerge. For more information, check out the associated Database file and Forum thread, and as always, feel free to join the conversation in the comments section below.