Monday, August 13, 2018

August 13, 1969 -- Illinois Center Development Begins with Development Announcement


August 13, 1969 –The chairman of Illinois Central Industries, Inc., William B. Johnson, announces the formation of Illinois Center Plaza Venture, the corporation that will develop the 83-acre site east of Michigan Avenue, between Randolph Street and the Chicago River.  Jupiter Corporation, Metropolitan, Inc., and the Illinois Central Corporation will be equal partners in the plan, which will see the new company purchasing the property from the Illinois Central Railroad for a base price of $83,625,000 with an escalation rider over a 15-year development period.  The site on which the proposed Standard Oil building will be constructed as well as the site of the 111 East Wacker Drive building, which is under construction, along with two adjacent sites, are excluded from the sale. The Prudential building and the Outer Drive East apartments were constructed on air rights in which the Illinois Central did not share in the profits of the buildings.


August 13, 2009 – Bank of America initiates a suit against Shelbourne Development Group Inc., the developer that began construction of the 150-floor Chicago Spire, construction that was subsequently halted after foundation work was completed.  Bank of America claims that the developer has defaulted on its loan.  The bank says that it is filing a suit in United States District Court in Chicago, seeking $4.9 million in principal and interest from Shelbourne and its chairman, Garrett Kelleher. The complaint alleges that the firm has failed to obtain an “irrevocable construction loan commitment” from a lender, leading the Bank of America to declare a default. [Chicago Tribune, August 14,2009] The photo above shows the remains of the project as they look today.


August 13, 1928 – Construction begins on the Merchandise Mart on the site of the old Chicago and North Western station on the north bank of the Chicago River between Wells Street and Orleans.  A force of 5,700 workers will speed the construction, using cement brought from Wisconsin by boat, and by May 1,1930 the first 200 tenants will begin moving into the 4,000,000 square foot building.

No comments: